Indiana § 22-4.1-21-16 Bond amount; determination; contributions to fund

Indiana Statutes

§ 22-4.1-21-16 — Bond amount; determination; contributions to fund

Indiana § 22-4.1-21-16

Art. 4.1DEPARTMENT OF WORKFORCE

Ch. 21Postsecondary Proprietary Educational Institution

This text of Indiana § 22-4.1-21-16 (Bond amount; determination; contributions to fund) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 22-4.1-21-16 (2026).

Text

(a)Subject to subsections (b), (d), and (e), the department shall determine the penal sum of each surety bond required under section 15 of this chapter based upon the following guidelines:

(1)A postsecondary proprietary educational institution that has no annual gross tuition charges assessed for the previous year shall secure a surety bond in the amount of twenty-five thousand dollars ($25,000).

(2)If at any time the postsecondary proprietary educational institution's projected annual gross tuition charges are more than two hundred fifty thousand dollars ($250,000), the institution shall secure a surety bond in the amount of fifty thousand dollars ($50,000).

(b)After June 30, 2006, and except as provided in:

(1)section 19 of this chapter; and

(2)subsection (e); and upon the fund ach

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(a) Subject to subsections (b), (d), and (e),
the department shall determine the penal sum of each surety bond
required under section 15 of this chapter based upon the following
guidelines:
(1) A postsecondary proprietary educational institution that has no
annual gross tuition charges assessed for the previous year shall
secure a surety bond in the amount of twenty-five thousand
dollars ($25,000).
(2) If at any time the postsecondary proprietary educational
institution's projected annual gross tuition charges are more than
two hundred fifty thousand dollars ($250,000), the institution
shall secure a surety bond in the amount of fifty thousand dollars
($50,000).
(b) After June 30, 2006, and except as provided in:
(1) section 19 of this chapter; and
(2) subsection (e);
and upon the fund achieving at least an initial one million dollar
($1,000,000) balance, a postsecondary proprietary educational
institution that contributes to the fund when the initial quarterly
contribution is required under this chapter after the fund's
establishment is not required to make contributions to the fund or
submit a surety bond.
(c) The department shall determine the number of quarterly
contributions required for the fund to initially accumulate one million
dollars ($1,000,000).
(d) Except as provided in section 19 of this chapter and subsection
(e), a postsecondary proprietary educational institution that begins
making contributions to the fund after the initial quarterly contribution
as required under this chapter is required to make contributions to the
fund for the same number of quarters as determined by the department
under subsection (c).
(e) If, after the fund acquires one million dollars ($1,000,000), the
balance in the fund becomes less than five hundred thousand dollars
($500,000), all postsecondary proprietary educational institutions not
required to make contributions to the fund as described in subsection
(b) or (d) shall make contributions to the fund for the number of
quarters necessary for the fund to accumulate one million dollars
($1,000,000).