Section 22-4.1-21-19 - Quarterly contributions to fund; determination; bond(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.Amended by P.L. 178-2016, SEC. 13, eff. 3/23/2016.Added by P.L. 107-2012, SEC. 61, eff. 7/1/2012.