A Bond of Private Occupational Schools is a type of surety bond required by those being issued a Certificate of Approval by the Division of Private Occupational Schools, Colorado Department of Higher Education. The condition of the bond is that the bonded principal and its agents must not cause loss of any tuition or fees or damage to any student, enrollee or parent or guardian as a result of the school ceasing operation, or as a result of any act or practice which is a violation of any minimum standard as set forth in 12-59-106 of The Private Occupational Education Act. The total liability of the principal and surety company to the parties listed above will not exceed the unearned portion of tuition and fees paid or liable to be paid as a result of a school ceasing operation and regardless of the number of years that this bond is in force the aggregate liability will not exceed the penal sum of this bond.
