(1) No driver training school may operate in the State of Georgia unless it provides and files with the Department a continuous surety bond in the principal sum of two thousand five hundred dollars ($2,500.00) for the protection of the contractual rights of students, written by a company authorized to do business in the State of Georgia.
(2) A driver training school may submit an individual surety bond in the amount of $2,500.00 or, if more than one school shares common ownership, or secondary schools located in the same county, submit a surety bond providing coverage in the amount of $2,500.00 per location (i.e., for ten schools, a surety bond in the amount of $25,000.00). If this option is elected the certificate must clearly demonstrate coverage for each school for which coverage is to be provided.
(3) The school shall submit to the Department the contract, or specimen thereof, the obligations of which are guaranteed by the bond.
(4) The surety on any such bond may cancel the bond providing thirty (30) days’ written notice to the Department.
(5) If at any time said surety bond is not valid and in force, the license of the school of program shall be deemed suspended by operation of low until a valid surety company bond is again in force.