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.