CHAPTER 5. EDUCATIONAL COURSES
IC 25-34.1-5
Chapter 5. Educational Courses
IC 25-34.1-5-1
Approval by commission
Sec. 1. No person shall conduct, solicit or accept studentenrollment for a broker or salesperson course as prescribed in thischapter without approval of the course by the commission.
As added by Acts 1979, P.L.248, SEC.1.
IC 25-34.1-5-2
Application for approval
Sec. 2. To obtain course approval, a person must apply to thecommission by submitting a bond in the amount of ten thousanddollars ($10,000) and an application which includes a copy of theaccreditation certificate issued by the appropriate accreditation body,if any, a detailed teaching syllabus, a proposed certificate to beissued to students who successfully complete the course, and otherinformation and documents which may be required by thecommission. If the course is to be conducted by a corporation, theapplication shall also include the names and residence addresses ofall directors and officers, a copy of the certificate of incorporation,and a certificate of good standing of the corporation issued by thesecretary of state of Indiana.
As added by Acts 1979, P.L.248, SEC.1.
IC 25-34.1-5-3
Bond; obligee; requirements; liability; continuity; cancellation
Sec. 3. (a) The commission shall be the obligee under the bond.
(b) The bond shall be:
(1) executed by the person seeking course approval and by acorporate surety, licensed to do business in the state, as surety;
(2) in such form and with such terms and conditions as thecommission may require;
(3) conditioned upon faithful compliance with all requirementsof an approved course as provided by this article and thecommission's regulations; and
(4) effective from its effective date and continue in effect untilcancelled.
The total and aggregate liability of the surety on a bond is limited tothe amount specified in the bond and the continuous nature of thebond may in no event be construed as allowing the liability of thesurety under a bond to accumulate for each successive approvalperiod during which the bond is in force.
(c) To provide continuous bonding of the school's activities, aschool providing an approved course may not cancel a bond withoutthe commission's prior written approval of cancellation and approvalof a substitute bond.
(d) The surety on a bond may cancel a bond filed under this articleonly after ninety (90) days from the date the surety mails a notice of
intent to cancel, by registered or certified mail with return receiptrequested, to the commission and to the school.
(e) To provide continuous bond coverage of the school's activities,the school shall give written notice to the commission, not later thanthirty (30) days prior to the date upon which a bond cancellationbecomes effective, that a new bond has been obtained.
As added by Acts 1979, P.L.248, SEC.1.
IC 25-34.1-5-4
Grounds for approval of broker or salesperson course
Sec. 4. (a) To obtain approval of a broker or salesperson course,a school shall:
(1) provide the curriculum prescribed in section 5 of thischapter;
(2) have no more than thirty-five (35) students per instructor perclassroom;
(3) provide adequate educational facilities and supportivepersonnel as is necessary to implement the purpose of thisarticle;
(4) schedule not more than the maximum number of hours ofinstruction established by the commission in any twenty-four(24) hour period;
(5) administer two (2) written examinations during the brokercourse and three (3) written examinations during thesalesperson course which are approved, and passing scoresestablished, by the commission;
(6) within fourteen (14) days of the end of each course, submitto the commission the names and addresses of those studentswho successfully complete the course;
(7) maintain records of students who successfully complete andpass the course of study for a minimum of five (5) years or, inthe event the school should cease operation, the owner shallprovide a custodian acceptable to the commission to keep thoserecords and provide copies to students at the fee in effect whenthe school ceases operation; and
(8) meet any other standards the commission may establish byregulation.
(b) Any instruction conducted in a broker or salesperson officedoes not apply to the minimum hour requirements of section 5 of thischapter.
As added by Acts 1979, P.L.248, SEC.1.
IC 25-34.1-5-5
Curriculum
Sec. 5. (a) The required curriculum for salespersons shall consistof a total of at least forty (40) hours of instruction and shall includethe following subjects: Indiana license law and professionalstandards, law of agency, contracts, interests in real property,evidence of title, deeds, legal property descriptions, mathematics,taxes, valuation of real property, financing, listing contracts and
purchase agreements, settlement procedures, property management,government regulations, and planning and zoning.
(b) The required curriculum for brokers shall consist of a total ofat least twenty-four (24) hours of instruction and shall include thefollowing subjects: Indiana license law and professional standards,law of agency, contracts, financing, settlement procedures, escrowresponsibility, recordkeeping, government regulations, andappraising.
As added by Acts 1979, P.L.248, SEC.1.
IC 25-34.1-5-6
Commission's considerations; factors
Sec. 6. In determining whether to grant approval of thecurriculum, the commission shall consider, in addition to therequirements of sections 4 and 5 of this chapter, the followingfactors: accreditation, administration, ownership, instructors'qualifications, director's qualifications, course records, textbooks andrelated materials, cost of tuition and materials, and other means ofevaluation as the commission establishes by regulation.
As added by Acts 1979, P.L.248, SEC.1.
IC 25-34.1-5-7
Expiration of approval; renewal
Sec. 7. The approval of courses expires on the thirty-first day ofDecember of each calendar year. To obtain renewal of approval forthe ensuing calendar year, the school must submit to the commissionby November 30 of the current year:
(1) a letter requesting renewal;
(2) an annual report; and
(3) a bond in the amount of twenty percent (20%) of theprevious year's total tuition, but in no event less than tenthousand dollars ($10,000) or more than fifty thousand dollars($50,000).
As added by Acts 1979, P.L.248, SEC.1.
IC 25-34.1-5-8
Inspection of records and facilities
Sec. 8. Each school conducting an approved course shall allow thecommission to inspect its records and facilities. Each school shallreport any significant proposed change in curriculum, faculty, orfacilities to the commission at least thirty (30) days before thechange, if possible. No change is effective unless it is approved bythe commission.
As added by Acts 1979, P.L.248, SEC.1.
IC 25-34.1-5-9
Denial, suspension, or revocation of approval
Sec. 9. The commission may deny, suspend, or revoke approvalof any course if it determines the school failed to comply with thestandards established in this chapter and the commission's
regulations.
As added by Acts 1979, P.L.248, SEC.1.
IC 25-34.1-5-10
Prohibited advertising
Sec. 10. A school may not advertise that it or its course isendorsed, recommended, or accredited by the commission.
As added by Acts 1979, P.L.248, SEC.1.
IC 25-34.1-5-11
Additional fees for review class prohibited
Sec. 11. Schools conducting approved courses may not charge anadditional fee for any review class.
As added by Acts 1979, P.L.248, SEC.1.