What is an Alabama Private School Performance Bond?
Learn what this surety bond is for and how to apply for one!
There are more than 400 private schools in Alabama, with Jefferson County topping the list regarding the number of private schools.
Join the list of exemplary educators by getting your license through this surety bond!
This type of surety bond obligates the licensed Private School to perform its duties faithfully. Some of these are as follows:
- Offer courses approved by the State Department of Education
- Employ adequate instructional staff
- Be financially secure
- The tuition fees must be realistic regarding service
The surety bond will also be conditioned to financially compensate students who have been harmed due to the fraudulent acts of the licensed private school.
There are two kinds of Private School Performance Bond:
- Alabama Real Estate Commission-licensed proprietary school performance bond
- Alabama Department of Postsecondary Education-licensed proprietary postsecondary school performance bond (degree-granting)
The requirement is by Section 34-27-6 and Section 16-46-5 of the Code of Alabama.
What is the Private School Performance Bond amount?
$20,000 – Alabama Real Estate Commission-licensed proprietary schools
$50,000 – Alabama Department of Postsecondary Education-licensed proprietary postsecondary schools (degree-granting)
If you have a stellar credit score, you will be eligible to pay for a low bond premium or as little as 1% of the bond amount!
Know what you need to pay today by getting your FREE SURETY BOND QUOTE HERE!
What are the bond conditions?
- The surety bond should be issued by a surety bond agent or company that is authorized to conduct business in Alabama
- The surety bond should be made payable to either the Alabama Real Estate Commission or the Department of Postsecondary Education
- The licensed private school is obligated to comply with the provisions of Section 24-7 and 16-46 of the Code of Alabama, the rules and regulations of the Alabama Real Estate Commission, or the Department of Postsecondary Education
- If the licensed private school commits a valid violation such as soliciting, enrolling, or teaching through fraud, the aggrieved party will be eligible to file a claim on the bond
How can I obtain this bond?
You can easily obtain this surety bond by following these simple steps:
STEP 1: Apply
If you are ready to submit your application for this type of bond, you may easily do it HERE!
Don’t worry! We will guide you through the whole process.
STEP 2: Underwriting
Once we have received your application, we will ask you for a couple of important details needed for the underwriting process. This will include your financial history, your job performance history, and your credit score. An expert underwriter will evaluate all those.
STEP 3: Bond Execution
After you have satisfied the underwriter’s checklist, the bond will immediately be issued and sent to you!
Ready to apply? START HERE!