Instructional Staff
9. (1) In this section,  “previous financial year” means the most recent financial year of the applicant completed before the 31st day of October of the year in which the application for renewal is submitted. O. Reg. 752/91, s. 3 (1). (2) An applicant for registration to conduct or operate a private career college shall submit with the application a bond in the amount in Column 3 of the Table set out opposite the range in Column 1 of the Table that includes the gross revenue projected to be received by the applicant from tuition to be charged for courses of instruction during the first twelve months of operation of the career college, as shown on the pro forma financial statement required under clause 2 (2) (p). O. Reg. 752/91, s. 3 (1); O. Reg. 68/03, s. 1. (2.1) An applicant for renewal of registration to conduct or operate a private career college shall submit with the application a bond in an amount to be determined in accordance with subsections (2.2) to (2.6). O. Reg. 752/91, s. 3 (1); O. Reg. 68/03, s. 1. (2.2) If the applicant for renewal of registration has been registered to conduct or operate the private career college for a continuous period of less than one year immediately preceding the date of the application for renewal, the amount of the bond for the purpose of subsection (2.1) shall be the amount in Column 3 of the Table set out opposite the range in Column 1 of the Table that includes the estimated gross revenue that would be received by the applicant from tuition charged for courses of instruction during a one-year period, calculated in accordance with the following formula:  where, A = the estimated gross revenue that would be received by the applicant from tuition charged for courses of instruction during a one-year period, B = the gross revenue received by the applicant from tuition charged for courses of instruction during the continuous period immediately preceding the date of the application for renewal during which the applicant has been registered to conduct or operate the private career college, C = the number of days in the continuous period immediately preceding the date of the application for renewal during which the applicant has been registered to conduct or operate the private career college. O. Reg. 752/91, s. 3 (1); O. Reg. 68/03, s. 1. (2.3) Subject to subsection (2.4), if the applicant for renewal of registration has been registered to conduct or operate the private career college for a continuous period of at least one year but less than six years immediately preceding the date of the application for renewal, the amount of the bond for the purpose of subsection (2.1) shall be, (a) if the previous financial year was at least twelve months long, the amount in Column 3 of the Table set out opposite the range in Column 1 of the Table that includes the gross revenue received by the applicant from tuition charged for courses of instruction during the previous financial year; and (b) if the previous financial year was less than twelve months long, the amount in Column 3 of the Table set out opposite the range in Column 1 of the Table that includes the gross revenue received by the applicant from tuition charged for courses of instruction during the twelve-month period immediately preceding the date of the application for renewal. O. Reg. 752/91, s. 3 (1); O. Reg. 68/03, s. 1. (2.4) Instead of submitting a bond in an amount determined in accordance with subsection (2.3), an applicant for renewal of registration that has been registered to conduct or operate the private career college for a continuous period of at least one year but less than six years immediately preceding the date of the application for renewal and that routinely collects tuition in instalments may submit a bond in an amount equal to, (a) the highest amount of revenue from unearned prepaid tuition received by the applicant for courses of instruction during the previous financial year, if the highest amount of revenue from unearned prepaid tuition received by the applicant for courses of instruction during the previous financial year is equal to or greater than $30,000; and (b) $30,000, if the highest amount of revenue from unearned prepaid tuition received by the applicant for courses of instruction during the previous financial year is less than $30,000. O. Reg. 752/91, s. 3 (1); O. Reg. 68/03, s. 1. (2.5) Subject to subsection (2.6), if the applicant for renewal of registration has been registered to conduct or operate the private career college for a continuous period of at least six years immediately preceding the date of the application for renewal, the amount of the bond for the purpose of subsection (2.1) shall be, (a) if the previous financial year was at least twelve months long, the amount in Column 2 of the Table set out opposite the range in Column 1 of the Table that includes the gross revenue received by the applicant from tuition charged for courses of instruction during the previous financial year; and (b) if the previous financial year was less than twelve months long, the amount in Column 2 of the Table set out opposite the range in Column 1 of the Table that includes the gross revenue received by the applicant from tuition charged for courses of instruction during the twelve-month period immediately preceding the date of the application for renewal. O. Reg. 752/91, s. 3 (1); O. Reg. 68/03, s. 1. (2.6) Instead of submitting a bond in an amount determined in accordance with subsection (2.5), an applicant for renewal of registration that has been registered to conduct or operate the private career college for a continuous period of at least six years immediately preceding the date of the application for renewal and that routinely collects tuition in instalments may submit a bond in an amount equal to, (a) the highest amount of revenue from unearned prepaid tuition received by the applicant for courses of instruction during the previous financial year, if the highest amount of revenue from unearned prepaid tuition received by the applicant for courses of instruction during the previous financial year is equal to or greater than $20,000; and (b) $20,000, if the highest amount of revenue from unearned prepaid tuition received by the applicant for courses of instruction during the previous financial year is less than $20,000. O. Reg. 752/91, s. 3 (1); O. Reg. 68/03, s. 1. (2.7) An applicant for registration or renewal of registration to conduct or operate a private career college which has or will have more than one branch shall submit a separate application for each branch together with, (a) a separate bond for each branch, the amount of each of which shall be determined in accordance with subsections (2) to (2.6), as applicable, as if each branch were a separate private career college; (b) one bond for all the branches combined, the amount of which shall be the sum of the amounts of the separate bonds determined in accordance with clause (a); or (c) one bond for all the branches combined, the amount of which shall be determined in accordance with subsections (2.8) and (2.9). O. Reg. 752/91, s. 3 (1); O. Reg. 68/03, s. 1. (2.8) If the applicant has been registered to conduct or operate any branch of the private career college for a continuous period of at least six years immediately preceding the date of the application, the amount of the bond for the purpose of clause (2.7) (c) shall be the amount in Column 2 of the Table set out opposite the range in Column 1 of the Table that includes the sum of the following amounts: 1. The sum of the gross revenue determined in accordance with subsection (2) of all branches to which that subsection applies. 2. The sum of the estimated gross revenue determined in accordance with subsection (2.2) of all branches to which that subsection applies. 3. The sum of the gross revenue determined in accordance with clause (2.3) (a) of all branches to which that clause applies. 4. The sum of the gross revenue determined in accordance with clause (2.3) (b) of all branches to which that clause applies. 5. The sum of the gross revenue determined in accordance with clause (2.5) (a) of all branches to which that clause applies. 6. The sum of the gross revenue determined in accordance with clause (2.5) (b) of all branches to which that clause applies. O. Reg. 752/91, s. 3 (1); O. Reg. 68/03, s. 1. (2.9) If the applicant has not been registered to conduct or operate any branch of the private career college for a continuous period of at least six years immediately preceding the date of the application, the amount of the bond for the purpose of clause (2.7) (c) shall be the amount in Column 3 of the Table set out opposite the range in Column 1 of the Table that includes the sum of the following amounts: 1. The sum of the gross revenue determined in accordance with subsection (2) of all branches to which that subsection applies. 2. The sum of the estimated gross revenue determined in accordance with subsection (2.2) of all branches to which that subsection applies. 3. The sum of the gross revenue determined in accordance with clause (2.3) (a) of all branches to which that clause applies. 4. The sum of the gross revenue determined in accordance with clause (2.3) (b) of all branches to which that clause applies. O. Reg. 752/91, s. 3 (1); O. Reg. 68/03, s. 1. (2.10) Despite subsections (2) to (2.9), (a) the Superintendent may increase the amount of the bond required to be submitted by an applicant if the Superintendent is satisfied that the increased amount is necessary to provide appropriate protection for the students of the private career college; and (b) the Superintendent may decrease the amount of the bond required to be submitted by an applicant if the Superintendent is satisfied that the decreased amount will provide appropriate protection for the students of the private career college. O. Reg. 223/93, s. 7 (1); O. Reg. 68/03, s. 1. (3) A bond under this section shall be, (a) a bond of a guarantee company approved under the Guarantee Companies Securities Act; (b) a personal bond accompanied by collateral security; or (c) a bond of a guarantor, other than a guarantee company, accompanied by collateral security, in a form provided by the Superintendent. R.R.O. 1990, Reg. 939, s. 9 (3); O. Reg. 752/91, s. 3 (2). (4) The classes of negotiable security that may be accepted as collateral security for a bond are, (a) bonds issued or guaranteed by Canada; or (b) bonds issued or guaranteed by any province of Canada. R.R.O. 1990, Reg. 939, s. 9 (4). (5) The collateral security referred to in subsection (4) shall be deposited with the Superintendent and maintained at a market value of not less than the face value of the bond. R.R.O. 1990, Reg. 939, s. 9 (5). (6) A bond under clause (3) (a) may be cancelled by the guarantee company if, (a) the guarantee company gives at least two months’ notice in writing of its intention to cancel to the Superintendent and to the person bonded; and (b) the guarantee company receives a written acknowledgment of the intention to cancel from the Superintendent. O. Reg. 223/93, s. 7 (2). (6.1) The effective date of the cancellation of the bond under subsection (6) is the date set out in the written acknowledgment of the Superintendent. O. Reg. 223/93, s. 7 (2). (7) For the purpose of every act or omission occurring, (a) during the period of registration; or (b) during the period prior to cancellation of the bond under subsection (6) where there has been no termination of registration, every bond shall continue in force and the collateral security, if any, shall remain on deposit for a period of two years following the termination of the registration or the cancellation of the bond, as the case may be. R.R.O. 1990, Reg. 939, s. 9 (7). (8) Where a bond has been cancelled or the registration has been terminated and the bond has not been forfeited, the Superintendent may, two years following the termination of the registration to which the bond relates or two years after the cancellation of the bond, as the case may be, deliver the bond and any collateral security to the person bound thereunder and to the person who deposited such security, as the case may be. R.R.O. 1990, Reg. 939, s. 9 (8). (9), (10) Revoked: O. Reg. 68/03, s. 3.