New Mexico Private Postsecondary School Bond
What is a New Mexico Private Postsecondary School Bond?
A Bond for a Private Postsecondary Institution is a type of surety bond required by the State of New Mexico Higher Education Department to guarantee faithful operation of a private postsecondary institution pursuant to 5.100.2 NMAC of the New Mexico. The bond ensures that if the school closes or otherwise fails to provide services for which students have contracted, the bonded principal will make appropriate refunds to students or provide alternative teach-out arrangements at no additional charge. In the event that the school does not meet the obligations outlined above, the State of New Mexico Higher Education Department is authorized to apply the surety bond proceeds up to the aggregate limit to satisfy the financial requirements.