Section 92-41-008 - Change of OwnershipIn the event of a change in ownership of the school, the new owner or governing body shall, within ten (10) days after the change of ownership, apply for a new authorization to operate, and in the event of a failure to do so, the authorization to operate shall terminate. An application for a new authorization to operate by reason of change in the ownership of the school shall be deemed an application for renewal of the school's authorization to operate and regulated by sections 005 and 006.
008.01 When a school has a change of fifty (50) per cent or more of the school's stock or assets in one or a series of transactions occurring within a three (3) year period, it shall file immediately a change of ownership application with the Department. Included in the application shall be the following: 008.01A The name, full addresses, and corporate titles of all persons or other entities having financial interest of twenty-five (25) per cent or more of the ownership; and signed statements that to the best of their knowledge such persons have no felony convictions.008.01B A new or revised catalog/bulletin or a supplement which describes the changed operations;008.01C A certified financial report, including the information required in section 004.12C for schools making original application;008.01D A fully executed school surety bond and a fully executed agents bond or other security agreements as provided in section 005.09B;008.01E A report on any other changes made in the school's organization and operations since the last application was filed and approved by the Commissioner;008.01F A report on arrangements to ensure continuing operations and compliance with laws and regulations during the change of school ownership;008.01G A copy of the sales agreement or contract showing items and conditions of sale.008.02 In a change of ownership, the records shall be transferred intact and in good condition to the new owner and the transfer shall be verified by the Department.008.03 The Department shall be notified in writing when a school has any transfer of ten (10) per cent or more stock or assets of the school.008.04 Assumption of Liability The new owner shall submit evidence containing the following stipulations:
008.04A That the school will make all refunds, which on the date the school is sold, may be due students, and008.04B That the school will honor all student contracts that were signed or approved by the previous school officials before the effective date of the change of ownership.92 Neb. Admin. Code, ch. 41, § 008
Amended effective 11/8/2016.