Section 188-D:20-b Student Tuition Guaranty Fund.
I. (a) A student tuition guaranty fund is hereby established within the postsecondary education commission and shall be administered by the executive director.
(b) The fund shall be funded from an annual fee to be established by the executive director and assessed against each school duly licensed by the postsecondary education commission and all applicants for a license under RSA 188-D:20.
(c) The funds shall be placed in an interest-bearing account in the office of the state treasurer and the state treasurer shall deposit all interest earned on the funds into the account.
(d) The fund shall be used to reimburse students when a school has failed to faithfully perform its contractual obligations for tuition and instructional fees in the event of a school closing, and the expense of investigating and processing the claims. The owner of a school which fails to perform its contractual obligations shall be personally liable to reimburse the fund for the difference between the per student amount paid into the fund by the school and the amount paid out of the fund to a student to settle a claim made against the school.
II. The executive director, in consultation with the postsecondary education commission, shall adopt rules, pursuant to RSA 541-A, relative to the administration and maintenance of the fund.
Source. 2004, 190:2, eff. July 31, 2004. 2008, 338:5, eff. July 1, 2008.