Section 5-A8006. SURETY

 

8006.1The Commission may require a postsecondary degree granting educational institution to provide a bond or surety, payable to the Commission, of no more than one hundred thousand dollars ($100,000).

 

8006.2The Commission may require the bond or surety at the time of licensure or at any time during the license period.

 

8006.3The bond or surety shall be used for the purpose of protecting students in the event the institution declares bankruptcy, closes, or otherwise breaches its contract with its students by terminating an educational program without providing adequate student refund or teach-out arrangements.

 

authority

The Education Licensure Commission (ELC) (Commission), pursuant to authority set forth in sections 6(b)(3) and 11 of the Education Licensure Commission Act of 1976 (the Act), effective April 6, 1977 (D.C. Law 1-104: D.C. Official Code §§ 38-1306(b)(3) and 38-1311 (2010 Supp.)), and Mayor’s Order 89-120, dated May 31, 1989; and the State Superintendent of Education pursuant to section 3(b) of the State Education Office Establishment Act of 2000, effective October 21, 2000 (D.C. Law 13-176; D.C. Official Code § 38-2602(b) (2010 Supp.)).

source

Final Rulemaking published at 37 DCR 6595, 6604 (October 19, 1990); as amended by Notice of Final Rulemaking published at 58 DCR 2424, 2434 (March 18, 2011).

EditorNote

5 DCMR A § 8006 is formerly entitled "Application for Provisional License Renewal or Conversion."