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 student
enrollment for a broker or salesperson course as prescribed in this
chapter 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 the
commission by submitting a bond in the amount of ten thousand
dollars ($10,000) and an application which includes a copy of the
accreditation certificate issued by the appropriate accreditation body,
if any, a detailed teaching syllabus, a proposed certificate to be
issued to students who successfully complete the course, and other
information and documents which may be required by the
commission. If the course is to be conducted by a corporation, the
application shall also include the names and residence addresses of
all directors and officers, a copy of the certificate of incorporation,
and a certificate of good standing of the corporation issued by the
secretary 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 a
corporate surety, licensed to do business in the state, as surety;
(2) in such form and with such terms and conditions as the
commission may require;
(3) conditioned upon faithful compliance with all requirements
of an approved course as provided by this article and the
commission's regulations; and
(4) effective from its effective date and continue in effect until
cancelled.
The total and aggregate liability of the surety on a bond is limited to
the amount specified in the bond and the continuous nature of the
bond may in no event be construed as allowing the liability of the
surety under a bond to accumulate for each successive approval
period during which the bond is in force.
(c) To provide continuous bonding of the school's activities, a
school providing an approved course may not cancel a bond without
the commission's prior written approval of cancellation and approval
of a substitute bond.
(d) The surety on a bond may cancel a bond filed under this article
only after ninety (90) days from the date the surety mails a notice of
intent to cancel, by registered or certified mail with return receipt
requested, 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 than
thirty (30) days prior to the date upon which a bond cancellation
becomes 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 this
chapter;
(2) have no more than thirty-five (35) students per instructor per
classroom;
(3) provide adequate educational facilities and supportive
personnel as is necessary to implement the purpose of this
article;
(4) schedule not more than the maximum number of hours of
instruction established by the commission in any twenty-four
(24) hour period;
(5) administer two (2) written examinations during the broker
course and three (3) written examinations during the
salesperson course which are approved, and passing scores
established, by the commission;
(6) within fourteen (14) days of the end of each course, submit
to the commission the names and addresses of those students
who successfully complete the course;
(7) maintain records of students who successfully complete and
pass the course of study for a minimum of five (5) years or, in
the event the school should cease operation, the owner shall
provide a custodian acceptable to the commission to keep those
records and provide copies to students at the fee in effect when
the school ceases operation; and
(8) meet any other standards the commission may establish by
regulation.
(b) Any instruction conducted in a broker or salesperson office
does not apply to the minimum hour requirements of section 5 of this
chapter.
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 consist
of a total of at least forty (40) hours of instruction and shall include
the following subjects: Indiana license law and professional
standards, 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 of
at least twenty-four (24) hours of instruction and shall include the
following subjects: Indiana license law and professional standards,
law of agency, contracts, financing, settlement procedures, escrow
responsibility, recordkeeping, government regulations, and
appraising.
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 the
curriculum, the commission shall consider, in addition to the
requirements of sections 4 and 5 of this chapter, the following
factors: accreditation, administration, ownership, instructors'
qualifications, director's qualifications, course records, textbooks and
related materials, cost of tuition and materials, and other means of
evaluation 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 of
December of each calendar year. To obtain renewal of approval for
the ensuing calendar year, the school must submit to the commission
by 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 the
previous year's total tuition, but in no event less than ten
thousand 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 the
commission to inspect its records and facilities. Each school shall
report any significant proposed change in curriculum, faculty, or
facilities to the commission at least thirty (30) days before the
change, if possible. No change is effective unless it is approved by
the 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 approval
of any course if it determines the school failed to comply with the
standards 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 is
endorsed, 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 an
additional fee for any review class.
As added by Acts 1979, P.L.248, SEC.1.