WILLIAM DONALD SCHAEFER, Governor                   Ch. 246

PRIVATE CAREER SCHOOL WHO SUFFERS A LOSS OF TUITION AND FEES
BECAUSE THE INSTITUTION HAS VIOLATED ANY PROVISION OF SUBSECTION
(A)(1) OR (2) OF THIS SECTION.

(3)  (I) EACH POSTSECONDARY, NONDEGREE GRANTING,

PROPRIETARY INSTITUTION PRIVATE CAREER SCHOOL THAT IS REQUIRED TO
OBTAIN A CERTIFICATE OF APPROVAL SHALL PAY AN ANNUAL FEE INTO THE
FUND.

(II)  THE COMMISSION SHALL DETERMINE THE AMOUNT
OF THE FEE BASED ON THE PROBABLE AMOUNT OF MONEY NEEDED FOR THE
FUND FOR EACH FISCAL YEAR. IF THE MONEYS IN THE GUARANTY FUND
ARE INSUFFICIENT TO SATISFY DULY AUTHORIZED CLAIMS, THE MEMBER
INSTITUTIONS SHALL BE REASSESSED AND SHALL PAY THE ADDITIONAL
AMOUNTS REQUIRED.

(III)  THE COMMISSION MAY NOT ISSUE A
CERTIFICATE OF APPROVAL TO AN INSTITUTION THAT FAILS TO PAY THE
ANNUAL FEE AND REASSESSMENT, IF ANY.

(4)  (I) THE FUND SHALL BE MAINTAINED BY THE STATE
COMPTROLLER WHO MAY DEPOSIT OR INVEST THE ASSETS OF THE FUND IN
ANY MANNER THAT IS CONSISTENT WITH THE PURPOSES OF THE FUND.

(II) ALL INTEREST OR OTHER RETURN ON FUND
INVESTMENT SHALL BE CREDITED TO THE FUND.

(5)  THE COMMISSION, THROUGH THE ATTORNEY GENERAL, MAY
ENFORCE ANY CLAIM FOR RESTITUTION.

11-304. 11-204.

(A)  IF THE COMMISSION BELIEVES THAT AN INSTITUTION OF
POSTSECONDARY EDUCATION DOES NOT MEET THE CONDITIONS OR STANDARDS
ON WHICH ITS CERTIFICATE OF APPROVAL WAS BASED, THE COMMISSION
SHALL GIVE THE INSTITUTION WRITTEN NOTICE OF ITS BELIEF.

(B)  (1) THE NOTICE SHALL SPECIFY THE ALLEGED DEFICIENCIES,
AND DIRECT THE INSTITUTION TO CORRECT THEM WITHIN A PERIOD OF NOT
LESS THAN 30 DAYS.

(2)  IF THE INSTITUTION REQUESTS A HEARING WITHIN 20
DAYS OF THE NOTICE, THE COMMISSION SHALL HOLD A HEARING ON THE
MATTER WITHIN 30 60 DAYS OF RECEIPT OF THE REQUEST.

(3)  THE ORDER TO CORRECT THE DEFICIENCIES SHALL BE
STAYED UNTIL A DETERMINATION IS MADE AFTER THE HEARING.

(C)  (1) IF THE INSTITUTION FAILS TO CORRECT THE
DEFICIENCIES WITHIN THE PERIOD SET BY THE COMMISSION, THE
COMMISSION MAY ORDER THE INSTITUTION TO STOP OPERATING, DOING
BUSINESS, OR FUNCTIONING IN THIS STATE IF:

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