North Carolina Cosmetic Art School Guaranty Bond
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How much will my North Carolina cosmetology school bond cost?
The required amount of a North Carolina cosmetology school bond must be equal to the maximum amount of prepaid tuition held by the school at any time during the last fiscal year. The minimum required bond amount is $10,000.
The price you’ll pay for your cosmetic art school bond is based on a review of your credit report. The best way to find out exactly how much you’ll pay for your bond is to submit an online bond request.
Why do I need this bond?
To operate a cosmetic art school in North Carolina, it’s a requirement to obtain a proprietary school bond as well as authorization from the State Board of Cosmetic Art Examiners. This specific bond assures that if students or sponsors are wronged, they can be compensated for any financial losses.
Specifically, this bond guarantees that payments by students to the school (tuition, instructional materials fee, laboratory fee, library fee, book fee, etc.) will be returned to the students if the school fails to provide instruction, academic services and other goods and services related to course enrollment as contracted.
What’s the fine print?
The bond will run continuously unless it is canceled by the surety. If the surety chooses to terminate the bond, 30 days’ notice prior to cancellation must be given to the principal (school) and the State Board of Cosmetic Art Examiners.
A continuation certificate must be obtained by the principal each year for the bond to remain effective.
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