The quarters begin January 1, April 1, July 1, and October 1.(b) For each quarter, each postsecondary proprietary educational institution shall make a contribution equal to the STEP THREE amount derived under the following formula:STEP ONE: Determine the total amount of tuition and fees earned during the quarter.STEP TWO: Multiply the STEP ONE amount by one-tenth of one percent (0.1%).STEP THREE: Add the STEP TWO amount and sixty dollars ($60).(c) Notwithstanding section 16 of this chapter, for a postsecondary proprietary educational institution beginning operation after September 30, 2004, the department, in addition to requiring contributions to the fund, shall require the postsecondary proprietary educational institution to submit a surety bond in an amount determined by the department for a period that represents the number of quarters required for the fund to initially accumulate one million dollars ($1,000,000) as determined under section 16(c) of this chapter.As added by P.L.107-2012, SEC.61. at represents the number of quarters required for the fund to initially accumulate one million dollars ($1,000,000) as determined under section 16(c) of this chapter.As added by P.L.107-2012, SEC.61. Amended by P.L.178-2016, SEC.13.
Indiana Legal Code