49 Pa. Code § 3.83 - Bond

(a) A bond, corporate or noncorporate, running to the Commonwealth subject to approval by the Board shall be posted as security for the sums taken on account from the students or prospective students of the school, in the amount of a minimum of $2,500 to a maximum of $5,000 based on a scale of $2,500 for up to 60 students and $5,000 for more than 60 students. No school shall accept any money on account unless it has first procured a bond in accordance with the provisions of this section.

(b) No barber school license will be renewed until a bond is submitted and approved by the Board.

(c) The following is the suggested bond form:

PENNSYLVANIA STATE BOARD OF BARBER EXAMINERSBOND OF BARBER SCHOOL

KNOW ALL MEN BY THESE PRESENTS, THAT

____________

operating as

____________

(Corporation, partnership, or individual)

____________

of

____________

(City),

____________

(State), as principal, and

___

of

____________

(City),

____________

(State), surety company authorized to transact business in Pennsylvania, as surety, are held and firmly bound unto the People of the Commonwealth of Pennsylvania, for the use and benefit of students of the principal, in the penal sum of

____________

dollars ($

____________

), lawful money of the United States of America, to be paid to the People of the Commonwealth of Pennsylvania for the benefit of students of the principal, for which payment well and truly to be made, we bind ourselves and our heirs, executors, administrators, and successors jointly and severally, firmly by these presents.

WHEREAS, 49 Pa. Code § 3.83 (relating to bond) provides that a bond, corporate or noncorporate, in the sum of $

____________

running to the Commonwealth of Pennsylvania subject to approval by the Board which shall be posted as security for the sums taken on account from students or prospective students of the school. No school shall accept any money on account unless it has first procured a bond in accordance with the provisions of this regulation.

NOW THEREFORE, the condition of this obligation is such that if the said

___

shall faithfully perform and satisfy the contractual rights of any and all students of said

___

, then this obligation shall be void; otherwise the same shall be in full force and effect.

IT IS UNDERSTOOD AND AGREED THAT in no event shall the surety be liable for an amount exceeding the penalty of this bond.

IN WITNESS WHEREOF, the parties hereto have hereunto set their hands and affixed their seals this

____________

day of

____________

, 19

____________

. This bond becomes effective

___

and expires

___

.

______________________________________PrincipalBy ______________________________________

______________________________________SuretyBy ______________________________________Attorney-in-fact

(d) In case principal is a partnership, then a certified copy of partnership certificate shall be attached. In case principal is a corporation, authority of officer signing bond for company shall be attached. Power of Attorney-in-fact for surety company shall also be enclosed.

Notes

49 Pa. Code § 3.83