1. Except as otherwise provided in subsection 2, each postsecondary educational institution licensed in this state shall pay to the Administrator a fee of $5 for each student the institution initially enrolls in a program for which the student pays a tuition or registration fee. On or before January 1, April 1, July 1 and October 1 of each year, each institution shall transmit to the Administrator the fees required by this subsection for the immediately preceding quarter. The Administrator shall deposit the money in the State Treasury for credit to the Account for Student Indemnification.
2. The Administrator shall notify each postsecondary educational institution licensed in this state if the balance in the Account is $750,000 or more. If the balance in the Account is $750,000 or more, a postsecondary educational institution is not required to pay the fee required by subsection 1. If the balance in the Account subsequently falls below $750,000, the Administrator shall notify each postsecondary educational institution licensed in this state that the fee must be paid until the balance in the Account is $750,000 or more.