Georgia Code
Part 1A - Nonpublic Postsecondary Educational Institutions
§ 20-3-250.10. Surety Bonds; Filing; Release of Surety; Suspension Upon Release of Surety

History. Code 1981, § 20-3-250.10 , enacted by Ga. L. 1990, p. 1166, § 3; Ga. L. 1991, p. 687, § 4; Ga. L. 1992, p. 1657, § 7; Ga. L. 1994, p. 1282, § 7; Ga. L. 1995, p. 728, § 4; Ga. L. 2002, p. 1414, § 4; Ga. L. 2015, p. 83, § 6/HB 353; Ga. L. 2021, p. 505, § 4/HB 152; Ga. L. 2022, p. 378, § 8/SB 333.
The 2015 amendment, effective July 1, 2015, rewrote subsection (b); and deleted former subsection (f), which read: “In lieu of the surety bond provided for in subsections (a) and (b) of this Code section, the commission by rule or regulation may authorize the executive director to accept a property bond when a principal of the nonpublic postsecondary educational institution owns property within the State of Georgia with sufficient equity therein to satisfy the requirements of subsection (b) of this Code section.”
The 2021 amendment, effective July 1, 2021, in subsection (a), inserted “or in the event of a change of ownership as provided for in subsection (f) of Code Section 20-3-250.8” in the first sentence and added the fourth sentence; and, in subsection (b), substituted “500,001.00 — 1,000,000.00” for “500,001.00 and over”, added the last two entries in the Gross Tuition table, and added the second sentence in the undesignated paragraph following subsection (b).
The 2022 amendment, effective July 1, 2022, rewrote this Code section.
Code Commission notes.
Pursuant to Code Section 28-9-5, in 2022, former subsections (d) and (e) were redesignated as subsections (c) and (d).

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