§ 21-2-405 — Performance bond or other security; amount; exemption

(a) Before any school is issued a license under this
article and before any private degree granting post secondary
education institution operates in this state under a
registration issued under accreditation candidacy or application
status or under notification pursuant to W.S. 21-2-402(f), it
shall submit to the department of education a performance bond
or other form of security prescribed by rule and regulation of
the department. The bond or other form of security shall be in
an amount specified by department rule and regulation subject to
limitations prescribed by this subsection. The bond for private
schools and for private degree granting post secondary education
institutions applying for registration under accreditation
candidacy or application status pursuant to W.S. 21-2-402(b) or
notifying the department under W.S. 21-2-402(f), except those
schools excluded under subsection (b) of this section and
accredited private degree granting post secondary education
institutions registered under this article, shall be not more
than ten thousand dollars ($10,000.00). The bonds or other form
of security shall be approved by the attorney general and shall
be renewed annually as long as the school retains its license to
do business in Wyoming or until the institution receives
accreditation. The performance bond or other form of security is
to assure protection of all persons enrolled in a course of
study who may be aggrieved by any school doing business or
operating in the state. The department of education is
custodian of all bonds and other securities filed under this
section and may render administrative but not legal assistance
to all aggrieved persons who may be entitled to relief under the
bond.
(b) This section shall not apply to private elementary or
secondary schools described under W.S. 21-2-401(a) and otherwise
subject to this article.