Nonpublic postsecondary education institutions are regulated by the Georgia Nonpublic Education Commission.
As a condition of licensing with the Commission, such institutions are required to submit evidence of procurement of a surety bond.
AmeriPro Surety Bonds provides the surety bond in the amount that is required by statute or by individual circumstances.
The amount of surety bond required is the greater of the gross tuition of the prior year, or the anticipated gross tuition of the current year.
We note that the amount of surety bond required is a minimum amount; and therefore, presumably, perhaps more could be required of a given applicant.
Tuition and Fees After Refunds Minimum Amount Surety Bond Required:
$500,001 and above: $200,000
The Tuition Guarantee Trust Fund, referenced in Code 20-3-250.27 is the purpose behind this surety bond requirement.
Specifically, the Georgia nonpublic postsecondary education bond exists as a financial guarantee on behalf of students, and ensures that they are protected from any acts of fraud, theft, malfeasance or misfeasance which occurs as a result of the violation of the above Code.
The bond’s existence allows those student who can credibly demonstrate some real financial harm to be recompensed for such loss; however, in no case will the aggregate liability exceed the amount of the surety bond in force.
Ultimately, as principal (one of the 3 parties to a surety bond contractor) of this bond, any payments made from the surety become your liability to reimburse in full. This includes all costs and fees in the settlement or satisfaction of any claim.
An applicant will typically be required to pay about 2% of the bond amount required; however, the amount may be more depending upon information provided in the application.
Once issued, the bond is active for one year from the date of issuance. Thereafter, the bond must be renewed. The amount required will be based on the criteria above.
AmeriPro Surety Bonds will work to find you the best surety bond pricing for this bond.
AmeriPro Surety Bonds is a surety bonds-only agency providing license and permit, contractor, and court surety bond throughout Georgia.
Our agency also provides surety bonding nationwide.
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