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Chapter 136A
Section 136A.646
Recent History
- 2020 136A.646 Amended 2020 c 109 art 3 s 3
- 2019 136A.646 Amended 2019 c 64 art 2 s 26
- 2017 136A.646 Amended 2017 c 89 art 3 s 5
- 2013 136A.646 Amended 2013 c 99 art 2 s 13
- 2010 136A.646 Amended 2010 c 364 s 17
- 2007 136A.646 New 2007 c 144 art 3 s 7
This is an historical version of this statute chapter. Also view the most recent published version.
136A.646 ADDITIONAL SECURITY.
In the event any registered institution is notified by the United States Department of
Education that it has fallen below minimum financial standards and that its continued participation
in Title IV will be conditioned upon its satisfying either the Zone Alternative, Code of Federal
Regulations, title 34, section 668.175, paragraph (f), or a Letter of Credit Alternative, Code of
Federal Regulations, title 34, section 668.175, paragraph (c), the institution shall provide a surety
bond conditioned upon the faithful performance of all contracts and agreements with students
in a sum equal to the "letter of credit" required by the United States Department of Education
in the Letter of Credit Alternative, but in no event shall such bond be less than $10,000 nor
more than $250,000.
History: 2007 c 144 art 3 s 7
In the event any registered institution is notified by the United States Department of
Education that it has fallen below minimum financial standards and that its continued participation
in Title IV will be conditioned upon its satisfying either the Zone Alternative, Code of Federal
Regulations, title 34, section 668.175, paragraph (f), or a Letter of Credit Alternative, Code of
Federal Regulations, title 34, section 668.175, paragraph (c), the institution shall provide a surety
bond conditioned upon the faithful performance of all contracts and agreements with students
in a sum equal to the "letter of credit" required by the United States Department of Education
in the Letter of Credit Alternative, but in no event shall such bond be less than $10,000 nor
more than $250,000.
History: 2007 c 144 art 3 s 7
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Revisor of Statutes