Section 10a 22u establishes the occupational school student protection account and outlines the treatment of overpayments and underpayments. This provision states that a specific account, known as the occupational school student protection account will be created within the General Fund. Private occupational schools authorized under sections 10a 22a to 10a 22o must pay four tenths of one percent of their tuition (excluding refunds) to the State Treasurer.
However this contribution only applies to Connecticut residents enrolled in distance learning and correspondence schools authorized under the sections. Payments are due on January 30th, April 30th July 30th and October 30th each year for tuition received in the preceding three months. The account will also include any required deposits outlined in sections 10a 22a to 10a 22o. Its purpose is to support Section 10a 22v.
Any interest, income or dividends generated from investing this account will be added back into it. The direct expenses associated with maintaining this account can be charged from it with approval, from the State Comptroller.
The director in charge has the authority to evaluate the account for any costs incurred during the implementation of the objectives mentioned in this section, which go beyond the regular expenses of the Office of Higher Education.
As per subsection (a) of this section making payments as required is a condition for conducting business within the state. Failure to make payments within thirty days from their due date will result in losing authorization under section 10a 22f. If any payment exceeds thirty days from its date without being made authorization will not be granted or renewed.
In case an audit conducted by the Office of Higher Education reveals that a school has paid an amount than what was required into the private occupational school student protection account that school must pay both the shortfall amount and a ten percent penalty, to the State Treasurer within thirty days after receiving notice from the director or their representative regarding the underpayment and penalty amount.
If the Office of Higher Education conducts an audit and finds that a school has paid more than the required amount, into the occupational school student protection account any excess payment will be credited to future payments until the overpaid amount is fully offset.