STATE STATUTES & CODES
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VIRGINIA STATUTES AND CODES
22.1-324 - Application for license; information required; student guaranty provisions.
§ 22.1-324. Application for license; information required; student guarantyprovisions.
A. To obtain a license to operate a school, an application, certified as trueand correct, shall be filed with the Board upon forms prepared and furnishedby it setting forth information deemed necessary by the Board.
B. Each school shall submit and maintain a guaranty instrument payable to theCommonwealth of Virginia and conditioned to protect the contractual rights ofstudents and other contracting parties. The amount of such bond shall beestablished in the Board's regulations. The minimum guaranty instrument forany school shall be $1,000. The word "students" as used in this subsectionmeans all enrolled students.
(Code 1950, § 22-330.22; 1970, c. 665; 1977, c. 444; 1980, c. 559; 1988, c.574; 1993, c. 351; 2004, c. 991.)