1. (a) The Commission may consider the addition or deletion of any person defined as an owner under the Act as a change in school ownership. The school may notify the Commission of the change in ownership a minimum of 45 days before the change in ownership to request that the Commission in lieu of a full application accept a partial application.

2. (b) The Commission may require submission of a full application for approval for a change in ownership if:

   1. (1) the Commission has a reasonable basis to believe the change in ownership of the school may significantly affect the school's continued ability to meet the criteria for approval; or
   2. (2) the school fails to file notice of the change of ownership at least 45 days prior to the ownership transfer.
3. (c) The Commission may require a partial application for approval for a change in ownership if the Commission reasonably believes the change in ownership will not significantly affect the school's continued ability to meet the criteria for approval.
4. (d) The purchaser of a school shall accept responsibility for all refund liabilities.
5. (e) Management Agreements must be disclosed to the Commission. Parties to a management agreement shall be of good reputation and character.

Source Note:The provisions of this §807.13 adopted to be effective August 16, 1998, 23 TexReg 8479; amended to be effective February 24, 2003, 28 TexReg 1651.