Code of Massachusetts Regulations
230 CMR - DIVISION OF REGISTRATION
Title 230 CMR 13.00 - Licensing of Schools and Sales Representatives
Section 13.03 - Financial Qualification and Surety Requirement for Schools

Universal Citation: 230 MA Code of Regs 230.13

Current through Register 1531, September 27, 2024

(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.

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