Texas Register

TITLE 22 EXAMINING BOARDS
PART 23TEXAS REAL ESTATE COMMISSION
CHAPTER 535GENERAL PROVISIONS
SUBCHAPTER FREQUIREMENTS FOR EDUCATION PROVIDERS, COURSES AND INSTRUCTORS FOR QUALIFYING EDUCATION
RULE §535.65Responsibilities and Operations of Providers of Qualifying Courses
ISSUE 08/28/2020
ACTION Final/Adopted
Preamble Texas Admin Code Rule

  (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 legible and easily printed or viewed without additional manipulation or special software.

(m)Changes in Ownership or Operation of an approved provider of qualifying courses.

  (1)An approved provider shall obtain the approval of the Commission at least 30 days in advance of any material change in the operations of the provider by submitting the Qualifying Education Provider Supplement Application, including but not limited to changes in:

    (A)Operations or records management; and

    (B)the location of main office and any other locations where courses are offered.

  (2)An approved provider requesting approval of a change in ownership shall provide all of the following information or documents to the Commission:

    (A)an Education Provider Application reflecting all required information for each owner and the required fee;

    (B)a Principal Information Form for each proposed new owner who holds at least 10% interest in the school;

    (C)financial documents to satisfy standards imposed by §535.61 of this subchapter (relating to Approval of Providers of Qualifying Courses), including a $20,000 surety bond for the proposed new owner; and

    (D)business documentation reflecting the change.

The agency certifies that legal counsel has reviewed the adoption and found it to be a valid exercise of the agency's legal authority.

Filed with the Office of the Secretary of State on August 11, 2020

TRD-202003313

Vanessa Burgess

General Counsel

Texas Real Estate Commission

Effective date: August 31, 2020

Proposal publication date: June 12, 2020

For further information, please call: (512) 936-3284



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