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19-5-960. Private Career School Student Protection Trust Fund.
Arkansas Code — all titles (historical 2020) · legal_authorities
19-5-960. Private Career School Student Protection Trust Fund.
(a) There is established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a fund to be known as the “Private Career School Student Protection Trust Fund”.
(b) The fund shall consist of a fee to be set by the Division of Higher Education in consultation with the State Board of Private Career Education as provided in § 6-51-607, there to be used for paying claims and other expenses as set out in § 6-51-607.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-5-960
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:19-5-960
Source file: gov.ar.code.title.19.odt
Pages: Not recorded – Not recorded
Passage SHA-256: e63ed22c59c20104b881799d8b3d5972542a786a0c64bcf44b80b99719bc9b78
Source location: content.xml paragraph 6970
Stored source content
19-5-960. Private Career School Student Protection Trust Fund.
(a) There is established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a fund to be known as the “Private Career School Student Protection Trust Fund”.
(b) The fund shall consist of a fee to be set by the Division of Higher Education in consultation with the State Board of Private Career Education as provided in § 6-51-607, there to be used for paying claims and other expenses as set out in § 6-51-607.
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Arkansas Code — all titles (historical 2020) · legal_authorities
6-51-607. Private Career School Student Protection Trust Fund.
(a)(1) Each school licensed under this subchapter shall pay annually a fee to be set by the Division of Higher Education in consultation with the State Board of Private Career Education.
(2) The fee shall be set at the amount the division deems necessary to establish a fund and to maintain the fund as necessary.
(3) For a renewing school, the fee shall be based on the enrollment of Arkansas residents in the preceding twelve (12) months of July 1 through June 30.
(4)(A) For an original license, the fee shall be a percentage as determined by the division of the sum of the tuitions for each program offered.
(B) Additionally, during the first twelve (12) months of licensure, the same percentage shall be paid to the fund on additional new programs of study.
(b) The fee will be deposited into a trust fund in the State Treasury to be called the “Private Career School Student Protection Trust Fund”.
(c)(1) Regardless of the balance in the fund, a fee, as set by the division, will be assessed newly licensed schools.
(2) Newly licensed schools shall pay for a number of years equal to the number of years paid by schools licensed on September 1, 1989.
(d)(1) The assets of the fund may be invested and reinvested as the division may determine.
(2) Any interest income or dividends from the investment of the fund shall be credited to the fund.
(e) The division may use any amounts in the fund, including accumulated interest, to:
(1) Pay claims filed by students not to exceed a total of one hundred thousand dollars ($100,000) for all students of the school when a school becomes insolvent or ceases to operate without offering a complete program of study;
(2) Pay expenses incurred by a school not to ex
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-51-607
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 6-51-607. This identifies an authority to review, not proof of applicability.