LAC 28:III.507. Surety Bond

A. Each license application must be accompanied by a surety bond in the amount of $10,000 issued by a surety authorized to do business in Louisiana. The bond must meet the requirements set forth in R.S. 17:3140.5 and the PSC-3 Form. Bond releases and terminations shall be as provided in R.S. 17:3140.5(D) and (E), and suspension of operating license for lack of surety bond coverage is governed by. R.S.17:3140.5(F). A school may be exempted from filing a surety bond if it meets all of the following requirements: 1. does not require students to pay tuition for course of study more than one month in advance; 2. has been in continuous operation for at least five years; and 3. has met all the requirements of the commission.