CT HB06769

Requires new private occupational schools to file an irrevocable letter of credit from a state-based bank for $40,000 before receiving operating authorization.

Letter of credit is payable to the private occupational school student protection account if the school fails to make required payments or the state reimburses student tuition refunds.

Authorizes the executive director to seize the letter of credit if a school fails to close properly in accordance with closure requirements.

Allows the executive director to use seized letter of credit funds to facilitate teach-out programs enabling remaining students to complete their coursework and receive certificates of completion.

Permits the executive director to issue certificates of completion to students who successfully complete their courses or programs at a school undergoing closure.