(a) There is created on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a trust fund to be known as the “Private Career School Student Protection Trust Fund”.
(b) The fund shall consist of a fee to be set by the Division of Higher Education in consultation with the State Board of Private Career Education as provided in § 6-51-607.
(c) The fund shall be used for paying claims and other expenses as provided in § 6-51-607.