New Mexico Private Postsecondary Educational Institution License Bond
Each Private Postsecondary Educational Institution licensed by the NM Higher Education Department shall maintain in force a Private Postsecondary Educational Institution surety bond in an amount set by the department, and payable to the department. The proceeds of the bond are for the benefit of any student damaged as a result of fraud or misrepresentation by the licensed institution or as a result of the institution ceasing operation prior to the student(s) having completed the programs for which they have contracted and paid.
The department sets the amount of bond required for each institution, based upon factors such as the institution's size, number of students, and total income and assets of the institution within New Mexico. In no case shall the bond be less than $5,000 nor shall it exceed a maximum penal amount of twenty percent of the institution's anticipated or actual gross annual tuition and fee revenue in the state.
The term “postsecondary educational institution” includes an academic, vocational, technical, business, professional, or other school, college or university or other organization or person offering curses, instruction, training or education, through correspondence or in person, to any person within New Mexico. In other words, a private career institute offering certificate programs such as medical assistance, midwifery, truck driving, culinary arts, pet grooming, business administration, or any technical occupation would fall under the licensure requirement. The same is true for private colleges and universities offering an associates’ degree and above.
Can I Get a Private Postsecondary Educational Institution License Bond with Bad Credit?
We can issue Private Postsecondary Educational Institution License Bonds for 99% of the applicants no matter what their credit report looks like! Our Bad Credit Surety Bond program rates allow you to get your bond issued, regardless of what is on your credit report!