(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
(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
(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
Real Estate Commission
Effective date: August 31, 2020
Proposal publication date: June 12, 2020
For further information, please call: (512) 936-3284