Private school bond cost
We offers private school bonds in the state of Maine for different costs depending on each applicant’s credit report. The initial bond amount will be determined on a case-by-case basis by the State Board. The sum must be the greater of 10% of the principal’s gross receipts from tuition in the past 12 months of the fiscal year or $20,000.
Why this bond
Being bonded means protecting people from any unjust business practices or fraud conducted by principals in Maine. This specific bond type assures that if students or sponsors are wronged, they have a safeguard from unprofessional acts of business and can be compensated for any potetional losses they may face.
This bond guarantees that the tuition and other relative fees paid by the students or their sponsors will be handled responsibly and solely for the benefit of the student. It also ensures that all students enrolled in the education program will receive the education contracted and promised.
If the school ceases to operate for any reason including suspension, bankruptcy, foreclosure or revocation, the applicant is required to reimburse each student for such loss.
If the principal violates the terms of his or her bond agreement and a consumer is harmed as a result, the surety will pay for all damages up to the full bond amount.we pride ourselves on being able to provide fast, easy and accurate bonding services nationwide.
Private school bond details
The bond runs continuously in full force and effect unless otherwise cancelled by the principal or the surety. If either party choose to terminate the bond before its set date of expiration, a 60 days notice prior to cancellation is required to be submitted and filed with the obligee.
The principal must specify whether his or obligee is the Maine Department of Education or the Finance Authority of Maine on the original bond form.This bond also requires the signature of a notary public to prove acknowledgement of the contractual agreement between the surety, principal and obligee.
Start a private school
In order to operate as a private business, trade or technical school in the state of Maine, principals are required to obtain a license. The license application must submitted on forms furnished by the Commissioner. A $100 registration fee is also required to be submitted.
Apply for your surety bond
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- Blanket Bond – Private Business, Trade or Technical School (Word Doc)
- Application for Private Business, Trade and Technical School Certificate of License
- Maine Revised Statutes Title 20-A: Education
- Maine Revised Statutes, Title 20-A, Part 4, Subpart 3, Chapter 323: Private Business, Trade and Technical Schools