Sec. 34. (a) This section applies to claims against the surety bond of a postsecondary proprietary educational institution.
(b) A student who believes that the student is suffering loss or damage resulting from any of the occurrences described in section 15(c) of this chapter may request the department to file a claim against the surety of the postsecondary proprietary educational institution or agent.
(c) The request must state the grounds for the claim and must include material substantiating the claim.
(d) The department shall investigate all claims submitted to the department and attempt to resolve the claims informally. If the department determines that a claim is valid, and an informal resolution cannot be made, the department shall submit a formal claim to the surety.
(e) A claim against the surety bond may not be filed by the department unless the student's request under subsection (b) is commenced not more than five (5) years after the date on which the loss or damage occurred.
(f) If the amount of the surety bond is insufficient to cover all or part of the claim, a claim for the balance of the claim against the surety bond in the amount that is insufficient must be construed to be a claim against the balance of the fund under section 35 of this chapter.
As added by P.L.107-2012, SEC.61. Amended by P.L.178-2016, SEC.22.
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