SB 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.
Eric is the Chief Marketing Officer of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog.