Modifying certain provisions regulating private business, trade and correspondence schools; requiring the legislature to periodically review and update the provisions; defining or redefining certain terms and changing the name of the private business, trade and correspondence school act to the "Private Business, Trade and Long Distance Learning School and Training Firm Act"; requiring the registration of training firms with the higher education services office (HESO), specifying application, certification and surety bond requirements; requiring training firms outside the state conducting courses of instruction in the state to file with the secretary of state a sworn statement designating a resident agent authorized to receive service of process, designating the secretary of state as the resident agent in the absence of the required statement; specifying certain minimum standards for registration, authorizing an application fee and specifying the term of the registration; specifying certain firm catalog, brochure or web site requirements; requiring the provision of duplicate contracts to prospective trainees; requiring and providing for refund of fees upon the cancellation of contracts or courses of instruction within a certain number of days of execution or commencement, authorizing deduction of the fair market value of furnished and unreturned equipment or supplies (mk)