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TO APPROVE REGULATIONS OF THE COMMISSION ON HIGHER EDUCATION, RELATING TO NONPUBLIC POSTSECONDARY INSTITUTION LICENSING, USE OF SURETY BOND FUNDS, DESIGNATED AS REGULATION DOCUMENT NUMBER 3170, PURSUANT TO THE PROVISIONS OF ARTICLE 1, CHAPTER 23, TITLE 1 OF THE 1976 CODE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The regulations of the Commission on Higher Education, relating to Nonpublic Postsecondary Institution Licensing, use of surety bond funds, designated as Regulation Document Number 3170, and submitted to the General Assembly pursuant to the provisions of Article 1, Chapter 23, Title 1 of the 1976 Code, are approved.
SECTION 2. This joint resolution takes effect upon approval by the Governor.
62-7.A. is amended to allow the Commission to use surety bond funds to pay refunds of unearned tuition and fees, to pay for or subsidize the cost of providing facilities and instruction to complete programs, or pay expenses to store and maintain student records.
The Commission on Higher Education is the licensing authority for nonpublic (private) institutions operating or soliciting in the State. The Commission may require that the institution provide a surety bond to be used for the benefit of students who suffer financial losses of tuition and fees prepaid to an institution as a result of the closing of the institution. The statute also authorizes the Commission to establish a student recovery fund; the Commission has not promulgated regulations to establish a student recovery fund. On May 17, 2007, a change in the Nonpublic Postsecondary Institution License Act became effective that allows the Commission to use funds available from a surety bond or money in a student recovery fund to pay refunds to students for unearned tuition and fees, to pay for or subsidize the cost of providing facilities and instruction, or to pay expenses to store and maintain student records. The proposed change to Commission on Higher Education Regulation 62-7.A. will replicate the language now included in the statute to expand the ways the Commission may use available funds to assist students who were enrolled in an institution that closed.
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