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13b.02.06.00.htm 13B.02.06.00. Title 13B MARYLAND HIGHER EDUCATION COMMISSION Subtitle 02 ACADEMIC REGULATIONS Chapter 06 Financial Guarantees and the Maryland Guaranty Student Tuition Fund for For-Profit Institutions of Higher Education Authority: Education Article, §11-105(u) and 11-203, Annotated Code of Maryland
13b.02.06.01.htm 13B.02.06.01. 01 Purpose.. The purpose of this chapter is to:. A. Provide for the assessment of fees on for-profit institutions of higher education under Education Article, §11-203, Annotated Code of Maryland;B. Provide for the filing of certain financial guarantees by for-profit institutions of higher education under Education Article, §11-203, Annotated Code of Maryland;C. Provide for the creation and administration of the Maryland Guaranty Student Tuition Fund for For-Profit Institutions of H
13b.02.06.02.htm 13B.02.06.02. 02 Definitions.. A. In this chapter, the following terms have the meanings indicated.. B. Terms Defined.. 1) “Adjusted gross tuition and fees” means all revenues received on a cash or accrual accounting basis, less any refunds paid to students, for tuition and fees for all instructional programs or courses enrolled in by students, except for charges for materials, supplies, and books that have been purchased by, and are the property of, a student.2) “Assessment year” mean
13b.02.06.03.htm 13B.02.06.03. 03 Fund Established.. There is a Maryland Guaranty Student Tuition Fund for For-Profit Institutions of Higher Education..
13b.02.06.04.htm 13B.02.06.04. 04 Uses of the Fund.. A. The Fund shall be used:. 1) In the event of a school closure, to provide a full refund of tuition and fees incurred by a student that have not been reimbursed or discharged;2) Subject to §B of this regulation, to provide a refund, as determined by the Secretary, of tuition and fees incurred by a student that have not been reimbursed or discharged, if the school fails to:
13b.02.06.05.htm 13B.02.06.05. 05 Financial Guarantee and Potential Guaranty Fund Assessment.. A. Each school shall:. 1) As prescribed by Regulation .06 of this chapter, provide a financial guarantee to the Commission; and2) As prescribed by Regulation .07 of this chapter, pay an assessment, if one is levied by the Secretary, into the Fund.B. The Secretary may not issue a certificate of approval to, and may revoke any certificate of approval previously issued to, a school that fails to comply with the requiremen
13b.02.06.06.htm 13B.02.06.06. 06 Requirements for the Financial Guarantee.. A. Subject to §E of this regulation, each school annually shall provide the financial guarantee described in §B and C of this regulation.B. A financial guarantee:. 1) Shall be in the form and amount the Secretary requires, which shall be no less than the amount described in §C of this regulation, and may be greater than the amount described in §C of this regulation;2) Shall be between the Commission and the surety;.
13b.02.06.07.htm 13B.02.06.07. 07 Fund Accounting, Annual Assessment, and Special Assessment.. A. The Secretary may make an accounting of the Fund as appropriate.. B. Notwithstanding any other provision of this chapter, the Secretary may issue an annual assessment to each school. An annual assessment shall be based on a percentage of a school’s tuition and fees, for a school year determined by the Secretary, and shall be paid to the Commission by the date determined by the Secretary.C. If the monies in the F
13b.02.06.08.htm 13B.02.06.08. 08 Filing Claims.. A. A student shall file a claim within 3 years of the date the student knew, or reasonably should have known, of facts that might entitle the student to an award under Regulation .04A of this chapter. Claims filed after that date may not be considered, unless the Secretary determines that there are extenuating circumstances that justify or excuse the late filing. In the event of a school closure, claims shall be filed within 3 years of the date o
13b.02.06.09.htm 13B.02.06.09. 09 Claim Adjudication.. A. The Secretary may determine the scope of investigation necessary to adjudicate a claim.. B. The Secretary may request information and records from the student, school, lenders, loan servicers, the USED, and others as needed in the Secretary’s judgment.C. The Secretary shall determine whether to approve or deny a claim.. D. If a claim is approved, the Secretary shall determine the:. 1) Amount to be awarded;. 2) Time, place, and manner of payment;.
13b.02.06.10.htm 13B.02.06.10. 10 Administration of the Fund.. A. The Secretary shall administer the Fund as follows:. 1) Monetary payments into the Fund shall be made in the form of a check made payable to the Maryland Guaranty Student Tuition Fund for For-profit Institutions of Higher Education;2) Monetary payments into the Fund shall be maintained by the State Comptroller, who shall deposit and invest the assets of the Fund. All interest or other return on the Fund shall be credited to the Fund;
13b.02.06.11.htm 13B.02.06.11. 11 Reporting.. A. Each school shall file with the Secretary by September 1 of each year:. 1) A copy of the school’s most recent audited financial statement;. 2) A copy of the school’s most recent pro-forma statement; and. 3) A Financial Reporting Form, as prescribed by the Secretary, that requires, at a minimum, the following information for the most recent year beginning July 1 and ending June 30:a) The total number of students enrolled in the school;.
13b.02.06.12.htm 13B.02.06.12. 12 Notice to Students.. Each school shall include the following statement in its student contract, enrollment agreement, and course catalog: “A student may be entitled to make a claim against the Maryland Guaranty Student Tuition Fund for For-profit Institutions of Higher Education (Student Tuition Fund” in the case of certain events, including a school closure. The Student Tuition Fund is administered by the Maryland Higher Education Commission. Information about the S
13b.02.06.13.htm 13B.02.06.13. 13 Orderly Closure and Teach-Outs.. A. Financial Guarantee.. 1) In addition to the requirements of Regulation .05 of this chapter, a school shall provide to the Commission a financial guarantee in the amount of $100,000 as security for its performance of duties and responsibilities under this regulation.2) The Secretary may not issue a certificate of approval, and may revoke any certificate of approval previously issued, to a school that fails to provide a financial guarantee
13b.02.06.9999.htm 13B.02.06.9999. Administrative History Effective date: January 15, 2018 (45:1 Md. R. 14). Regulation .05 amended effective November 19, 2018 (45:23 Md. R. 1071). Regulation .06 amended effective November 19, 2018 (45:23 Md. R. 1071).
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