A Private Business and Vocational School Surety Bond is required by the Illinois Board of Higher Education for those applying for a Permit of Approval pursuant to the Private Business and Vocational Schools Act of 2012 (105 ILCS 426) to conduct a private business or vocational school in the State of Illinois. The surety bond protects students and their parents, guardians, or sponsors in the event of financial damages due to contract violations, unethical conduct or non-compliance with the provisions of the state statute. The surety may cancel the surety bond by providing 90 days written notice by registered or certified mail to the Illinois Board of Higher Education of the State of Illinois.
