The State of Maine, Department of Education requires this surety bond under MRSA Title 20-A, Section 9502. This surety bond provides indemnification to any student suffering loss as a result of any fraud or misrepresentation by the bond holder or its solicitors, as authorized by 20-A M.R.S.A. Section 9502. The required bond amount is $20,000 for a new applicant. For renewal applicants, the amount of the bond must be equal to the greater of 10% of the applicant’s gross receipts from tuition in the 12 months prior to the application for renewal, or $20,000. To determine the cost of this bond, complete our easy online application.
To Attain a Maine Private Business, Trade, or Technical School Bond:
- Complete an online application.
- One of our expert commercial surety agents will call and email you with the firm quote and an agreement to sign.
- Provide payment and your signed agreement, then you will receive your bond!
** all bonds are subject to the underwriting terms and conditions of the issuing company.