Surety Bond for New Mexico Scholarship Organizations
A program will be established through SB 398 to provide scholarships to special needs students to attend qualified public and non-public schools. Scholarship granting organizations would then be required to demonstrate their financial viability if they have been receiving more than $50,000 in donations during the school year. This can either be shown through the submission of financial information demonstrating such viability or they will be allowed to post a surety bond. The surety bond that would need to be posted must be in equal to the aggregate amount of contributions that the school expecting to receive during the school year. A bond will also be required by SB 433 from scholarship organizations as described above, but the program is for low-income students.
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