The Minnesota Private School Bond is required by the Minnesota Office of Higher Education. The bond holder shall faithfully perform all contracts and agreements with students made by the bond holder or its agents or solicitors, and shall pay to the State and to such persons, if any, as may sustain injury in consequence of any breach of any such contract or agreement.
The bond amount shall be in the amount of 15% of the preceding years Net Student Revenue with a minimum of $10,000.
Checklist of required documents for Private Career School License applicants
- Completed application packet
- Payment for the application fee ($2500 for new school license fee with one program; $2500 +$500 for each additional program for schools with more than one program on its first year).
- Financial statements (current balance sheet, income statement…)
- Certificate of Organization, Articles of Organization, State Notice of Registered Agent from the Secretary of State
- Copies of all media advertising and promotional literature
- Current school catalog
- List of tools and equipment available for instruction
- Inspection reports or Certificate of Occupancy
- Copies of all Minnesota enrollment agreement forms and contract forms to be used in Minnesota
- Worker’s Compensation insurance information
- Provide the current enrollment
- Organizational framework
- Net student revenue statement
- Student records
- Multiple Location Addendum if applicable
- List of programs offered and purposes of such instruction
- Solicitors permit application
How do I obtain a Minnesota Private School Bond?
Complete our easy to navigate online application. Within one business day, one of our licensed agents will contact you with a no-obligation quote for your bond (the “premium”). Once any necessary paperwork is signed and the premium payment is processed, your surety bond will be shipped to you via USPS Priority Mail (overnight shipping options also available).
The surety bond experts at Surety1 are here to help you get bonded quickly and reliably. We work with over a dozen “A” rated surety markets to ensure we find you the lowest rate for your bond. We are also licensed in all 50 states and maintain an A+ rating by the Better Business Bureau.