                                 CODE OF VIRGINIA

APPLICATION FOR LICENSE; INFORMATION REQUIRED; STUDENT GUARANTY PROVISIONS (§
22.1-324)

A. To obtain a license to operate a school, an application, certified as true
and correct, shall be filed with the Board upon forms prepared and furnished by
it setting forth information deemed necessary by the Board.

B. Each school shall submit and maintain a guaranty instrument payable to the
Commonwealth of Virginia and conditioned to protect the contractual rights of
students and other contracting parties. The amount of such bond shall be
established in the Board&#8217;s regulations. The minimum guaranty instrument
for any school shall be $1,000. The word &#8220;students&#8221; as used in this
subsection means all enrolled students.

HISTORY: Code 1950, § 22-330.22; 1970, c. 665; 1977, c. 444; 1980, c. 559;
1988, c. 574; 1993, c. 351; 2004, c. 991.