Texas Register

TITLE 22 EXAMINING BOARDS
PART 23TEXAS REAL ESTATE COMMISSION
CHAPTER 535GENERAL PROVISIONS
SUBCHAPTER FEDUCATION, EXPERIENCE, EDUCATIONAL PROGRAMS, TIME PERIODS AND TYPE OF LICENSE
RULE §535.65Changes in Ownership or Operation of School; Presentation of Courses, Advertising, and Records
ISSUE 10/26/2007
ACTION Proposed
Preamble Texas Admin Code Rule

(a)Changes in Ownership or Operation. A school shall obtain the approval of the commission in advance of any material change in the operation of the school, including but not limited to, ownership, location of main office and any other locations where courses are offered, management, and course formats. A request for approval of a change of ownership will be considered as if each proposed new owner had applied for accreditation of the school, and each new owner must meet the standards imposed by §535.64 of this title (relating to Accreditation of Schools and Approval of Instructors). A school requesting approval of a change in ownership shall provide all of the following information or documents to the commission:

  (1) - (4)(No change.)

  (5)a new bond in the amount of $20,000 [$10,000 ] for the proposed new owner(s), a statement from the bonding company indicating that the former bond will transfer to the proposed new owner(s), or other security acceptable to the commission under Texas Occupations Code, Chapter 1101, (the Act), §1101.302.

  (6) - (7)(No change.)

(b) - (j)(No change.)

This agency hereby certifies that the proposal has been reviewed by legal counsel and found to be within the agency's legal authority to adopt.

Filed with the Office of the Secretary of State on October 15, 2007

TRD-200704877

Loretta R. DeHay

General Counsel and Assistant Administrator

Texas Real Estate Commission

Earliest possible date of adoption: November 25, 2007

For further information, please call: (512) 465-3900



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