85-1640 Agent's permit; application; surety bond; requirements. - Nebraska Statutes

85-1640. Agent's permit; application; surety bond; requirements.The application for an agent's permit shall be accompanied by a good and sufficient surety bond in a penal sum of five thousand dollars. The bond shall be executed by the applicant as principal and by a surety company qualified and authorized to do business in this state. The bond may be in blanket form to cover more than one agent for a private postsecondary career school, but it shall cover each agent for the school in a penal sum of five thousand dollars. Bonds in blanket form shall be executed by the school as principal. The bond shall be conditioned to provide indemnification to any student or enrollee or his or her parent or guardian determined to have suffered loss or damage as a result of any act or practice which is a violation of the Private Postsecondary Career School Act by the agent and that the surety shall pay any final judgment rendered by any court of this state having jurisdiction upon receipt of written notification of the judgment. Regardless of the number of years that such bond is in force, the aggregate liability of the surety thereon shall in no event exceed the penal sum thereof. The bond may be continuous. SourceLaws 1977, LB 486, § 43; Laws 1990, LB 488, § 39; R.S.1943, (1994), § 79-2843; Laws 1995, LB 4, § 40; Laws 2003, LB 685, § 34.