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What is an Illinois Private School Bond?
Illinois Private School Bond's are required by Illinois's Department of Education to obtain your Illinois Private School Bond. The Illinois Private School Bond amount is set at $10,000.
The State requires a Private School bond for :
a $10,000 surety bond
Different parts of a bond:
There are 3 parts to a Private School surety bond. The Principal "YOU", The Surety Company, and the Obligee. The Principal is the business or individual applying for the Private School Surety Bond. The Obligee is the individual or entity requiring the Surety Bond and the Surety Company is the company who provides the Surety Bond coverage.
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Program:
You can buy your Illinois Private School Bond (Apply) online immediately
Illinois Private School Bond Information and Requirements:
WHEREAS, the Principal has applied for a Permit of Approval pursuant to the Private Business and Vocational Schools Act of 2012 (105 ILCS 426) which Act provides for an applicant for a Permit of Approval to conduct a private business or vocational school in the State of Illinois to file a surety bond for the protection of the contractual and statutory right of students and their parents, guardians, or sponsors.
NOW, THEREFORE, the condition of this obligation is such that if the Illinois Board of Higher Education shall issue to the Principal a Permit of Approval, and if Principal shall conduct its business and each and every obligation of trust and service entered into by it in a faithful and honest manner, and shall save the People of the State of Illinois harmless from any wrongful act of said Principal, or any violation of the provisions of the statute mentioned above, then this obligation shall be void; otherwise to remain in full force and effect.
PROVIDED FURTHER, that the Surety may cancel its liability by furnishing 90 days written notice by registered or certified mail to the Illinois Board of Higher Education of the State of Illinois with reason for such cancellation, but the Surety shall not be discharged from any liability already accrued under this bond or which shall accrue hereunder before the expiration of the 90 day period
