Idaho Proprietary School Bonds

Category: Uncategorized
Published: Aug 26, 2011
Idaho House Bill 36:  Proprietary School Bond

Under this bill the surety bond for proprietary schools will be revised. Current law requires such schools to have a surety bond in the amount that the State Board of Education determines in rules. The bond must be in the amount no less than the total tuition and fees that the school collects from its students. This is for the period of the student’s instructional program at the school during the upcoming registration year. This new bill will permit the Board to accept a bond for a lower amount from newly registered schools for a period up to 5 years. This is so as long as the bond was supplemented by other financial instruments.

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Victor Lance is the founder and president of Lance Surety Bond Associates, Inc. He began his career as an officer in the U.S. Marine Corps, serving two combat tours. As president of Lance Surety, he now focuses on educating and assisting small businesses throughout the country with various license and bond requirements. Victor graduated from Villanova University with a degree in Business Administration and holds a Masters in Business Administration (MBA) from the University of Michigan's Ross School of Business.

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