§ 85-1656 — Tuition Recovery Cash Fund; assessment; board; powers and duties

(1)
The board shall annually assess each private postsecondary career school one-tenth
of one percent of the prior school year's gross tuition revenue until the
Tuition Recovery Cash Fund reaches the minimum fund level. The fund shall
be maintained at a minimum of two hundred fifty thousand
dollars and a maximum of five hundred thousand dollars.
At any time when the fund drops below the minimum level, the board may resume
the assessment. Funds in excess of the maximum level shall be used as directed
by the board to provide grants or scholarships for students attending private
postsecondary career schools.
(2) The board shall require documentation from each private
postsecondary career school to verify the tuition revenue collected by the
school and to determine the amount of the assessment under this section.
(3) Any private postsecondary career school applying for
authorization to operate from the commissioner or any other agency after September
9, 1993, shall not be assessed under this section for the first year of operation
but shall be assessed each year thereafter for four years or until the fund
reaches the minimum level required by this section, whichever occurs last,
and shall maintain the surety bond or other security required by section 85-1639
until such time.
(4) The authorization to operate of any private postsecondary
career school which fails to comply with this section shall be subject to
revocation.

Legislative History

Source: Laws 1993, LB 348, § 54; R.S.1943, (1994), § 79-2861; Laws 1995, LB 4, § 56; Laws 2013, LB410, § 21.