Private businesses and vocational schools in Illinois are required by statute to obtain a surety bond under Section 1095.210 of the Illinois Administrative Code.
According to the same law, you must annually file evidence of an active surety bond to the Illinois Board of Higher Education.
AmeriPro Surety Bonds offers you this bond in whatever required by statute.
The amount of surety bond you will require will be at least a $10,000 surety bond.
But according to regulations, you must obtain a surety bond that is equal to the value of all tuition paid by students, in the event that the school closes.
So, this is easy enough to determine.
However, the Board of Education reserves to itself the right to increase the bond amount provided.
Should that be the case after your bond has been purchased, you will contact our agency with the new amount and a ride on the bond can be issued.
For existing schools, you must determine the greatest amount of unearned prepaid tuition from the prior fiscal year to determine the bond amount required.
If that number is $500,000, then you must obtain a $500,000 surety bond.
Once issued, the bond is good for one year from the date of issuance.
The bond will be renewed annually, with an amount reflective of the criteria mentioned above.
Ongoing evidence of an existing, active surety bond must be provided to the Board as a condition of remaining in compliance with existing statutes.
As an applicant, you will likely pay approximately 2% of the bond’s face amount.
However, that amount may vary depending on your school’s bond history and any other of a number of variables as determined by an application submitted by you.
If applicable in your case, our agency will work to find the best pricing to fit your schools exigent circumstances.
AmeriPro Surety Bonds is a surety bonds-only agency.
We provide court, license and permit, contractor, and fiduciary bonds throughout Illinois.
We thank you for your consideration and look forward to working with you toward you surety bond requirements.