Bill Title: For-profit postsecondary educational institutions. Requires for-profit postsecondary educational institutions to submit to the commission for higher education (commission) surety bonds or other forms of financial guarantee, as approved by the commission, in an amount determined by the commission. Requires, not later than October 1, 2019, and not later than October 1 each year thereafter, each for-profit postsecondary educational institution to pay an annual fee to the commission in an amount determined by the commission, except under certain circumstances. Establishes the for-profit postsecondary educational student reimbursement fund (fund) for the purpose of providing funds to reimburse a student who paid tuition and fees to a for-profit postsecondary educational institution that: (1) failed to perform faithfully an enrollment agreement or contract with the applicant and a refund of applicable tuition and fees incurred by the applicant has not been reimbursed or discharged; or (2) closed before the applicant completed the applicant's course of study, and a refund of applicable tuition and fees incurred by the applicant has not been reimbursed or discharged. Provides that the commission may award to an applicant an amount for reimbursement from the fund only if the surety bond of the for-profit postsecondary educational institution against which an applicant has filed a claim has been exhausted. Provides that money in the fund is continuously appropriated for the purposes of the fund. Requires the commission to submit a report to the governor and the general assembly concerning claims for reimbursement from the fund.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2019-01-10 - First reading: referred to Committee on Education and Career Development [SB0345 Detail]

Text: Latest bill text (Introduced) [PDF]

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