Financial Qualification and Surety Requirement for Schools
Effective Dec 30, 2016Mass. Register #1329MGL c. 112, § 263Division of Occupational Licensure
- (1) An applicant for a license to operate a School shall apply to the State Auditor for certification that the School is financially qualified, by submitting financial statements and other such information as the State Auditor may require.
- (2) Pursuant to M.G.L. c. 112, § 263(g), no School shall operate without valid Surety in the amount determined by the State Auditor.
- (3) A School shall timely apply to the State Auditor for a reevaluation of its financial qualification upon renewal and at such other time as may be required by the State Auditor pursuant to M.G.L. c. 112, § 263(d) by submitting current financial statements and such other information as the State Auditor may require.
- (4) If the State Auditor increases the amount of Surety a School must have, the School shall submit additional Surety to the division within 30 days.
- (5) If the Surety is canceled, the School shall procure new Surety 30 days prior to the effective cancellation date.