New Mexico Private Postsecondary Education Bond |
Private post secondary institutions which physically operate in New Mexico are now required to register with the New Mexico Higher Department of Education.
Included in this category are private:
* Vocational schools
* Colleges
* Universities
* Computer or technical schools
* Schools which offer education in correspondence, online, and in-person
There are exceptions to the registration requirements; however, AmeriPro Surety Bonds strongly encourages any potential applicants to confer with the NM Higher Department of Education, or legal counsel, even, to see if the exemptions are applicable to your circumstance.
The purpose in requiring certain private secondary institutions to register with the state is to deter and prevent instances of fraudulent activity against students.
Private post-secondary institutions which are required to register according the Act, must do so first by filing an application with the Higher Education department.
Applicants must provide information which attests to:
* the financial viability of the private institution;
* the nature of the school, whether it is for profit or non-profit;
* the school’s enrollment agreement, including how refund requests are handled;
* a detail of the procedures used to address student complaints, including the length of time the school will take to respond to a complaint lodged by a pupil;
* assurances that students will not be retaliated against for making a complaint;
* the posting of a surety bond for no less than $5,000
The New Mexico post secondary education bond will be in an amount that is equal to 20% of the real or projected gross revenues of the school,
BUT,
no less than $5,000.
The New Mexico private postsecondary education bond is to be issued in the name of the school and the school’s corporate name, not an individual.
This bond is required by the state of New Mexico to protect the students from fraud or misrepresentation by the private institution.
The bond is also required to ensure that, when appropriate, student refunds are issued in those circumstances where they should be.
AmeriPro Surety Bonds provides surety bonds of all types in all 50 states.
Please place our professional expertise at your service.
We will work to provide you with the best pricing for your private postsecondary education bond.
