Maine § 20-A §9502 Application form; fee; bond

Maine Statutes

§ 20-A §9502 — Application form; fee; bond

Maine·Title 20-A EDUCATION·Part 4 SPECIFIC EDUCATION PROGRAMS·Ch. 323 PRIVATE BUSINESS, TRADE AND TECHNICAL SCHOOLS

1.Application requirements; licensing; bonding and revocation of license. The application for a license required by this chapter must be made on forms furnished by the commissioner and be accompanied by a fee of $100 and a surety bond. For applicants that participate in state or federal financial aid programs, except the Federal Direct Student Loan Program under the federal Higher Education Act of 1965, 20 United States Code, Section 1087a et seq., the bond must be in favor of the Finance Authority of Maine. For all other applicants, the bond must be in favor of the department. The amount of the bond for a new applicant is $20,000. For renewal applicants, the amount of the bond must be equal to the greater of 10% of the applicant's gross receipts from tuition in the 12 months prior to the

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1.
Application requirements; licensing; bonding and revocation of license.
The application for a license required by this chapter must be made on forms furnished by the commissioner and be accompanied by a fee of $100 and a surety bond. For applicants that participate in state or federal financial aid programs, except the Federal Direct Student Loan Program under the federal Higher Education Act of 1965, 20 United States Code, Section 1087a et seq., the bond must be in favor of the Finance Authority of Maine. For all other applicants, the bond must be in favor of the department. The amount of the bond for a new applicant is $20,000. For renewal applicants, the amount of the bond must be equal to the greater of 10% of the applicant's gross receipts from tuition in the 12 months prior to the application for renewal or $20,000.
2.
Renewal fee and requirements.
A fee of $50 is charged for the renewal of a license. Each submission for a license renewal must include the school's most recent financial audit conducted by a certified public accountant unaffiliated with the school. When a school does not participate in federal or state financial aid programs, internally prepared financial statements signed by the applicant are acceptable. Every renewal application must include a bond in the required amount. The commissioner shall provide copies of the audit or financial statements and, when the bond is not in favor of the department, the original bond to the Finance Authority of Maine and may provide financial information regarding the school to other state agencies with an interest in the operation of the school. When a school applies for renewal of a license, the school must certify that:
3.
General Fund.
All fees collected for the issuance or renewal of a license shall be deposited in the State Treasury.
4.
Definitions.
As used in this section, the term "bond" means a bond, letter of credit or cash equivalent acceptable to the holder, in its discretion.

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Legislative History

PL 1981, c. 693, §§5,8 (NEW). PL 1983, c. 651, §2 (AMD). PL 1983, c. 841, §3 (AMD). PL 1983, c. 862, §62 (RPR). PL 1997, c. 266, §12 (AMD). PL 1997, c. 771, §§1,2 (AMD).