Code of Virginia § 22.1-324. Application for license; information required; student guaranty provisions.

123 words·~1 min read·/va/title-22-1/chapter-16/22-1-324

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. To obtain a license to operate a school, an application, certified as true and correct, shall be filed with the Board upon forms prepared and furnished by it setting forth information deemed necessary by the Board.

B. Each school shall submit and maintain a guaranty instrument payable to the Commonwealth of Virginia and conditioned to protect the contractual rights of students and other contracting parties. The amount of such bond shall be established in the Board's regulations. The minimum guaranty instrument for any school shall be $1,000. The word "students" as used in this subsection means all enrolled students.

Code 1950, § 22-330.22; 1970, c. 665; 1977, c. 444; 1980, c. 559; 1988, c. 574; 1993, c. 351; 2004, c. 991 .