A Surety Bond is required by the Arkansas State Board of Private Career Education for those operating private schools in the state. The purpose of the surety bond is to provide indemnification to any student or enrollee who suffers financial loss or damage as a result of code violations or any rule or regulation set forth by the board by the school or its officers, admissions representatives, or employees. The bonded school must perform all agreements with the students, enrollee, parents of the student or enrollee, or guardians of the student or enrollee as represented by the application for licensure and the materials submitted in support of that application. Furthermore, the bonded individual must comply with Arkansas Code Annotated § 6-51-601 et.al.
A Certified Institution Bond is a type of surety bond required by the Arkansas Higher Education Coordinating Board (AHECB) for those offering college-level course/degree programs to Arkansas residents pursuant to Arkansas Code Annotated (ACA) 6-61-301.
