(a) The Commission may consider the addition or deletion of any person defined as an owner under the Act as a change in school ownership. The school may notify the Commission of the change in ownership a minimum of 45 days before the change in ownership to request that the Commission in lieu of a full application accept a partial application. (b) The Commission may require submission of a full application for approval for a change in ownership if:   (1) the Commission has a reasonable basis to believe the change in ownership of the school may significantly affect the school's continued ability to meet the criteria for approval; or   (2) the school fails to file notice of the change of ownership at least 45 days prior to the ownership transfer. (c) The Commission may require a partial application for approval for a change in ownership if the Commission reasonably believes the change in ownership will not significantly affect the school's continued ability to meet the criteria for approval. (d) The purchaser of a school shall accept responsibility for all refund liabilities. (e) Management Agreements must be disclosed to the Commission. Parties to a management agreement shall be of good reputation and character.

Source Note: The provisions of this §807.13 adopted to be effective August 16, 1998, 23 TexReg 8479; amended to be effective February 24, 2003, 28 TexReg 1651