HOUSE BILL NO. 48
AS AMENDED BY HOUSE AMENDMENT NO. 1
AN ACT TO AMEND CHAPTER 85, TITLE 14 OF THE DELAWARE CODE RELATING TO PRIVATE BUSINESS AND TRADE SCHOOLS.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:
Section 1. Amend Section 8504, Title 14 of the Delaware Code by adding a new §8504(7) to read u follows:
"(7) The entrance requirements for admission to each program offered by the school, and a copy or example of the instrument or instruments used to test for admission to each program."
Section 2. Amend Subsection (2) of Section 8505, Title 14 of the Delaware Code by striking said subsection in its entirety and substituting in lieu thereof a new subsection (2) to read as follows:
"(2) To agree to provide a surety company bond for the prntectlon of the contractual rights of students in such form and amount u will meet with the approval of the Board and written by a company authorized to do business in this State. Such bonds shall be deposited with the Secretary of State. The surety bond shall be in an amount equal to the anticipated gross tuition receipts in the calendar year for which a certificate nf approval is requested. However, the surety bond shall be for not less than $5,000 per calendar year regardless of anticipated gross receipts. On or before July 15 of each calendar year, the school shall supply a notarized statement of actual gross tuition receipts for the period January 1 through June 30 of that calendar year. In the event that the receipts for that six month period exceed one- half of the amount nf the bond held by the Secretary of State for that calendar year, the school shall supply a new bond in an amount equal to twice the amount of actual gross tuition receipts for the period January 1 through June 30."
Approved July 1, 1985