Sec. 19. (a) Subject to section 16 of this chapter, each postsecondary proprietary educational institution shall make quarterly contributions to the fund. The quarters begin January 1, April 1, July 1, and October 1.
(b) For each quarter, each postsecondary proprietary educational institution shall make a contribution equal to the STEP THREE amount derived under the following formula:
STEP ONE: Determine the total amount of tuition and fees earned during the quarter.
STEP TWO: Multiply the STEP ONE amount by one-tenth of one percent (0.1%).
STEP THREE: Add the STEP TWO amount and sixty dollars ($60).
(c) Notwithstanding section 16 of this chapter, for a postsecondary proprietary educational institution beginning operation after September 30, 2004, the department, in addition to requiring contributions to the fund, shall require the postsecondary proprietary educational institution to submit a surety bond in an amount determined by the department for a period that represents the number of quarters required for the fund to initially accumulate one million dollars ($1,000,000) as determined under section 16(c) of this chapter.
As added by P.L.107-2012, SEC.61. Amended by P.L.178-2016, SEC.13.
Structure Indiana Code
Article 4.1. Department of Workforce Development
Chapter 21. Postsecondary Proprietary Educational Institution Accreditation
22-4.1-21-9. "Postsecondary Proprietary Educational Institution"
22-4.1-21-10. Establishment of Office for Career and Technical School; Administration
22-4.1-21-13. Applications; Fee
22-4.1-21-14. Applications; Contents
22-4.1-21-15. Application; Bond
22-4.1-21-16. Bond Amount; Determination; Contributions to Fund
22-4.1-21-17. Curriculum Catalog and Promotional Brochure; Contents
22-4.1-21-18. Student Assurance Fund; Administration
22-4.1-21-19. Quarterly Contributions to Fund; Determination; Bond
22-4.1-21-22. Student Records; Contents; Submit Records to Department
22-4.1-21-23. Accreditation Standards
22-4.1-21-24. Issuance of Accreditation; Renewal
22-4.1-21-26. Hearing; Filing Objection to Order; Commissioner Ultimate Authority
22-4.1-21-29. Agent's Permit; Liability of Institution
22-4.1-21-30. Temporary Permit; Revocation of Permit
22-4.1-21-31. Remedy; Damages or Other Relief
22-4.1-21-32. Remedy; Void Contracts
22-4.1-21-33. Misrepresentation