How much does a private school bond cost in Louisiana?
The State of Louisiana Board of Regents Division of Planning, Research & Performance Proprietary Schools Section requires proprietary schools and solicitors of the school to be bonded. Proprietary schools must post a $10,000 bond, and their solicitors must post a $1,000 bond. Both of these bonds are subject to underwriting, which means that premiums are based on a review of the applicant’s credit report. SuretyBonds.com offers these bonds for as low as $100.
Bad credit? Don’t worry, we can approve 99% of applicants. Apply for a free bond quote today! Or, call 1 (800) 308-4358 to speak with a surety bond expert.
If you’re ready to get bonded, call SuretyBonds.com today at 1 (800) 308-4358. You can also request your free surety bond quote online now.
Why do I need this bond?
The primary function of this bond is to ensure that students are reimbursed for their tuition if a school suddenly closes. By posting this bond, the principal agrees to abide by all rules and regulations stated in the Louisiana Revised Statutes, including, but not limited to:
- committing fraud or misrepresenting the number of students enrolled
- failing to abide by student/school contracts
- failing to provide advertised services
- failing to maintain necessary records
Before offering a quote, underwriters typically require applicants to submit the following:
- type of courses to be offered
- estimated number of students
- how tuition will be paid
- estimated amount of tuition
What’s the fine print?
Both the proprietary school bond and the blanket bond for solicitor permit are continuous until canceled. If the bond is to be canceled, the surety must provide 30 days of written notice to the Louisiana Board of Regents Division of Planning, Research & Performance Proprietary Schools Section.
How to become a proprietary school in Louisiana
Purchasing your surety bond is the first step to getting your private school license in Louisiana. In addition to your surety bond and application, the following documents must be submitted:
- notarized commitment statement
- verified legal business structure
- current audited balance sheet for the school
- copy of all advertising materials
- copies of enrollment contracts
- and more
Detailed licensing information can be found in the “Additional Resources” section below.
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