(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 legible and easily printed or viewed
without additional manipulation or special software.
(m)Changes in ownership [Ownership]
or operation [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 the 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 proposal and found it to be within the state agency's legal authority
to adopt.
Filed
with the Office of the Secretary of State on February 15, 2023
TRD-202300744 Vanessa E. Burgess
General Counsel
Texas Real Estate Commission
Earliest possible date of adoption: April 2, 2023
For further information, please call: (512) 936-3284
|
