Each barber school or college shall at all times keep and maintain in full force and effect a surety bond with a reputable bonding company licensed to do business in the State of Nebraska for the benefit of all of its students, sufficient in amount to insure to such students a refund of any portion of their tuition paid but not used, in the event that the school or college discontinues operations for any reason prior to the time that the student has completed his or her education at the school or college, except that such requirement shall not apply to (1) a barber school or college operated by a nonprofit organization which neither charges any tuition to its students nor makes any charge to the persons upon whom such work is performed or (2) a barber school or college which participates in the assessment program established under sections 85-1654 to 85-1658 relating to the Tuition Recovery Cash Fund.