SECTION 807.13. Change in Ownership

(a) The Agency 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 Agency of the change in ownership a minimum of 45 days before the change in ownership to request that the Agency in lieu of a full application accept a partial application.

(b) The Agency may require submission of a full application for approval for a change in ownership if:

(1) the Agency 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 Agency may require a partial application for approval for a change in ownership if the Agency 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 Agency. 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; amended to be effective November 28, 2022, 47 TexReg 7914