§ 22-4.1-21-19 — Quarterly contributions to fund; determination; bond

(a) Subject to section 16 of this chapter,
each postsecondary proprietary educational institution shall make
quarterly contributions to the fund. The quarters begin January 1, April
1, July 1, and October 1.
(b) For each quarter, each postsecondary proprietary educational
institution shall make a contribution equal to the STEP THREE amount
derived under the following formula:
STEP ONE: Determine the total amount of tuition and fees earned
during the quarter.
STEP TWO: Multiply the STEP ONE amount by one-tenth of one
percent (0.1%).
STEP THREE: Add the STEP TWO amount and sixty dollars
($60).
(c) Notwithstanding section 16 of this chapter, for a postsecondary
proprietary educational institution beginning operation after September
30, 2004, the department, in addition to requiring contributions to the
fund, shall require the postsecondary proprietary educational institution
to submit a surety bond in an amount determined by the department for
a period that represents the number of quarters required for the fund to
initially accumulate one million dollars ($1,000,000) as determined
under section 16(c) of this chapter.

Legislative History

As added by P.L.107-2012, SEC.61. Amended by P.L.178-2016, SEC.13.