The Oklahoma Board of Private Vocational Schools (OBPVS) has revised the surety bond requirement for private schools found in the Oklahoma Administrative Code 565:10-9. New private vocational schools must now post a bond of at least $5,000 initially. Subsequent bond amounts will be based on 10% of student payments received in the previous fiscal year, which will be included in the school’s financial statement submitted annually for relicensing. The maximum amount of bond coverage is $50,000, except for schools that don’t meet the requirements for financial stability. Their maximum bond amount is $250,000. Financial stability requirements are specified in Okla. Admin. Code 565:10-27. Previously, the amount of bond coverage was determined by the OBPVS.
Those interested in obtaining a private vocational school license in Oklahoma should contact OBPVS Director Nora House for the appropriate forms.
Note that these changes apply only to private vocational schools in Oklahoma, which provide only postsecondary education. For questions regarding the licensing of other Oklahoma schools, contact the State Department of Education.