46.2-1701.1 - Bond of applicants. - Virginia Statutes

§ 46.2-1701.1. Bond of applicants.

The applicant shall file a surety bond in the amount of $100,000 for a ClassA licensee and $5,000 for a Class B licensee. The bond shall be payable tothe Commonwealth of Virginia and conditioned to protect the contractualrights of students. The bonding requirement for a Class A license may bereduced, at the discretion of the Department, on a showing by the school thatno course of study for which tuition is collected lasts longer than thirtydays or that the school collects no advance tuition other than equal monthlyinstallments based on the length of the course of study. The minimum bondfor any school shall be $5,000.

(1991, c. 214.)