Minnesota School Bond

Minnesota School Bond Requirement

SB 2415 revises the bond requirement for new post-secondary education institutions with conditional approval to grant degrees to require them to post a bond equal to 10% of the net revenue from tuition and fees in the registered institution’s prior fiscal year.

The minimum bond amount is $10,000. Under current law, a bond or irrevocable letter of credit in an amount ranging from $10,000 to $250,000 only is required when the institution fails to meet minimum financial standards from the U.S. Department of Education. The new bond requirement will be in addition to the existing requirement for schools that do not meet the financial standards.

 

 

Get a Free Quote Instantly Online

If you’re ready to get a free surety bond quote to meet this new surety bond requirement, you can simply apply online. We are the nation’s largest volume bond producer, and provide the lowest rates in the industry.

 


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. He has held a range of different roles within the surety industry, from agent assistant to bond issuer, which gives him a unique insider perspective on surety related topics.

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