Schools shall publish and adhere to a cancellation and refund policy that provides not less than:

1. (1) A full refund to any student who cancels the enrollment contract within seventy-two (72) hours (until midnight of the third day excluding Saturdays, Sundays, or legal holidays) after the enrollment contract is executed;
2. (2) If an applicant is not accepted for enrollment by a school the applicant is entitled to a full refund of monies paid less an application fee not to exceed twenty-five dollars ($25.00);
3. (3) If the student has contracted with a school to pursue a distance education program, or combination program, the student is considered as having entered training when the student has completed and submitted to the school the first lesson or has attended one (1) regular class period of instruction whichever comes first;
4. (4) If the student has contracted with a school to pursue a resident program, the student is considered as having entered training when the student has attended one (1) regular class period of instruction at the resident school;

5. (5)

   1. (A) All refunds shall be made by the school to the student or lender no later than thirty (30) calendar days after the student withdraws, is terminated from, or completes the program.
   2. (B) Proof of refund or refunds shall be placed in the student's file.
   3. (C) If refunds are made by check, proof shall be a photocopy of the refund check and proof that it has cleared the bank such as the bank statement.
   4. (D) If refunds are made by electronic funds transfer, the refund shall be recorded on the student’s account record and proof of refund shall be provided to the State Board of Private Career Education staff upon request.
   5. (E) If refunds are made to a credit card the credit receipt shall serve as proof of the refund;

6. (6) At the time of completion of home solicitation sale:

   1. (A) The seller shall furnish the buyer with a fully completed receipt;

   2. (B) A copy of any contract or agreement pertaining to such sale at the time of its execution which shall:

      1. (i) Show the name and address of the seller;
      2. (ii) Show the date of transaction; and

      3. (iii)

         1. (a) (a) Contain in boldface type of a minimum size of ten (10) points, a statement in substantially the following form: “ANY BUYER MAY CANCEL THIS TRANSACTION ANY TIME PRIOR TO MIDNIGHT OF THE THIRD BUSINESS DAY EXCLUDING SATURDAYS, SUNDAYS, OR LEGAL HOLIDAYS AFTER THE DATE OF THIS TRANSACTION.”
         2. (b) (b) This statement shall be in immediate proximity to the space reserved for the signature of the buyer, in the contract, agreement, or receipt; and

   3. (C)

      1. (i) The buyer may cancel by written notice mailed to the seller, preferably by certified or registered letter.

      2. (ii) If in the event the buyer cancels, the seller shall return to the buyer within thirty (30) calendar days of the cancellation:

         1. (a) (a) Any payments made;
         2. (b) (b) Any goods or other property, received as a trade-in, or a sum equal the trade-in allowance given therefore; and
      3. (c) (c) Any note or other evidence of indebtedness given by the buyer to the seller pursuant to or in connection with the sale.
      4. (iii) After cancellation the seller shall have thirty (30) calendar days to take possession of any property left with the buyer;
7. (7) The effective date of the termination, for refund purposes, shall be the last day of attendance;
8. (8) The student shall not be required to purchase instructional supplies, books, pay fees, etc. until such time as these materials are needed;

9. (9)

   1. (A) In the event a school discontinues a program in which students are enrolled, a full refund of all tuition, tools, textbooks, etc. and fees is due.
   2. (B) Refunds shall be made within fifteen (15) days of the last class meeting date.
   3. (C) This statement does not apply to a closed school.
   4. (D) However, it does apply to a school that closes only one (1) location;

10. (10)

    1. (A) Schools shall publish and adhere to a refund policy.
    2. (B) The registration fee not to exceed one hundred dollars ($100) paid to the school by the student may be retained as an enrollment or application fee.
    3. (C) All tuition paid in excess of the registration fee of not more than one hundred dollars ($100) shall be refundable.

    4. (D)

       1. (i) The refund shall be based on the cost and length of the program.
       2. (ii) All tuition beyond the current enrollment period shall be refunded when a student terminates.

       3. (iii) At completion of:

          1. (a) (a) Less than twenty five percent (25%) of the program, the refunds shall be made on a pro rata basis;
          2. (b) (b) Twenty-five percent (25%) but less than fifty percent (50%) of the program, the student shall be refunded not less than fifty percent (50%) of the tuition;
       4. (c) (c) Fifty percent (50%) but less than seventy-five percent (75%) of the program, the student shall be refunded not less than twenty-five percent (25%) of the tuition; and
       5. (d) (d) Seventy-five percent (75%) or more of the program, no refund is due the student; and
11. (11) Students shall be refunded immediately when a course is cancelled and there is not a course required for their program of study available.