Minnesota Post-Secondary Institution Bond

MinnesotaSB 184 is a new law that was presented in Minnesota State relating to post-secondary institutions. The new law authorizes alternative types of security for the present surety bond required of post-secondary institutions that have dropped below the U.S. Department of Education’s minimum financial standards to partake in Title IV programs. The present legislation requires a surety bond in a minimum quantity of $10,000 or more than $250,000 conditioned on the performance of all agreements or contracts with students. SB 184 authorizes cash or securities to be deposited in the place of the surety bond.