Sec. 1101.302. BOND REQUIRED. (a) In this section, "educational institution" means a school, excluding an accredited college or university, authorized by the commission under this chapter to offer a real estate or real estate inspection educational program or course of study. (b) An educational institution shall maintain a corporate surety bond or other security acceptable to the commission that is: (1) in the amount of $20,000; (2) payable to the commission; and (3) for the benefit of a party who suffers damages caused by the failure of the institution to fulfill obligations related to the commission's approval.
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