Section 16-1203. GUARANTEE OF FINANCIAL RESPONSIBILITY BOND

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1203.1No proprietary school license shall be effective until a corporate surety bond or other security approved by the Department shall have been filed with the Department by the person applying for the license.

1203.2The corporate surety bond shall be payable to the District, and shall be conditioned upon observance by the person applying for the license of all requirements of this chapter.

1203.3Any student, or the student's parent or guardian, who is aggrieved by a violation of this chapter shall have a right of action on the bond for the recovery of money, or damages, or both.

1203.4The amount of bond required to be filed by a proprietary school shall be ten thousand dollars ($ 10,000).

                    
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