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; and

(2) 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 requirements of §A of this regulation.