Private Business and Vocational Schools applying for a Certificate of approval under the Private Business and Vocational Schools Act are required to execute an Illinois Private Business and Vocational School Bond to ensure compliance with licensure.
A surety bond protects the party requesting the bond, the Obligee, against any financial losses as a result of poor financial decisions, damages, unethical decisions, or a failure to follow state and local laws on the part of you, the Principal. The Illinois Private Business and Vocational School Bond holds you accountable for your business decisions.
By possessing an Illinois Private Business and Vocational School Bond, you are telling your Obligee that you can be trusted as a Principal and that you stand behind your business decisions.