| (4) A provider shall maintain any comments made by
the provider's management relevant to instructor or course evaluations
with the provider's records.
(5) At the Commission's request, a provider shall produce
instructor and course evaluation forms for inspection by Commission
staff.
(m) Maintenance of records for a provider of qualifying
courses.
(1) A provider shall maintain records of each student
enrolled in a course for a minimum of four years following completion
of the course, including course and instructor evaluations and student
enrollment agreements.
(2) A provider shall maintain financial records sufficient
to reflect at any time the financial condition of the school.
(3) A school's financial statement and balance sheets
must be available for audit by Commission staff, and the Commission
may require presentation of financial statements or other financial
records.
(4) All records may be maintained electronically but
must be in a common format that is legibly and easily printed or viewed
without additional manipulation or special software.
(n) Changes in Ownership or Operation of an approved
provider of qualifying courses.
(1) An approved provider shall obtain the approval
of the Commission in advance of any material change in the operation
of the provider, including but not limited to changes in:
(A) ownership;
(B) management; and
(C) the location of main office and any other locations
where courses are offered.
(2) An approved provider, upon transfer to the new
owner, must meet the financial review standards imposed by §535.61
of this subchapter.
(3) An approved provider requesting approval of a change
in ownership shall provide all of the following information or documents
to the Commission:
(A) a new bond of $20,000 for the proposed new owner,
a statement from the bonding company indicating that the former bond
will transfer to the proposed new owner, or other security acceptable
to the Commission under §1101.302 of the Act;
(B) an Education Provider Application reflecting all
required information for each proposed new owner; and
(C) a Principal Information Form for each proposed
new owner who would hold at least a 10% interest in the school.
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