What is an Illinois Private Business and Vocational School Bond?
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Under the Private Business and Vocational Schools Act of 2012, all private businesses and vocational schools in the State of Illinois must furnish a surety bond to maintain a permit of approval.
A permit of approval will allow the permittee to offer courses to a person that would like to follow a trade or artistic occupation, pursue a non-professional occupation (e.g. business, personal service, manual, technical, industrial, commercial, or mechanical occupations), pursue a profession that is not subjected to licensing, or improve certain skills that are relative to the person’s occupation.
The purpose of the surety bond is to secure the compliance of the permittee to the aforementioned Act.
The surety bond will also be used to provide financial compensation to the student, enrollee, the parents, or guardians if the private business or vocational school fails to fulfill its obligations or has ceased its operation.
What is the Private Business and Vocational School Bond amount?
The bond amount will vary per permittee. The bond amount should be enough to cover the repayment of all of the enrollees’ full tuition fees.
If you know your bond amount now and would like to find out what your bond premium will be, you may get your FREE SURETY BOND QUOTE from us HERE!
Those who have excellent credit scores will be eligible for a very low bond premium!
How can I get a Private Business and Vocational School Bond?
Here’s how to do get bonded:
- You have to send an application to us. If you are ready to do that now, you may APPLY HERE!
- After we have received your application, we will ask you to submit the necessary information needed for the underwriting process. These are the following:
- Your financial capability
- Your business or job performance history
- Your credit score
An expert underwriter will carefully evaluate all three to attain the best credit decision possible. To avoid any delay, the information that you should submit should be organized and concise.
- Your surety bond will be issued and sent to you!
What are the surety bond conditions?
- The Surety who will issue the bond must be authorized to conduct business in the State of Illinois
- The private business or vocational school is obligated to obey the provisions of the Private Business and Vocational Schools Act of 2012, as well as the rules and regulations of the Board of Higher Education Private Business and Vocational Schools of the State of Illinois
- If the private business or vocational school commits a violation or has ceased its operation, the aggrieved party will be eligible to file a claim against the bond up to its penal sum
- A surety bond continuation certificate must be filed to the Board every year