22 Pa. Code § 73.143 - License or registration not transferable

A school will be issued a separate license or registration, which is not transferable.

(1) If a change of ownership occurs, but the faculty, student body, programs and location of the school remain essentially the same, the license or registration will remain in force. This does not constitute a transfer of license or registration.

(2) Within 14 calendar days after the consummation of the sale, the new owners shall report the following information to the Board:

(i) The name and address of the new owners. For a closed corporation this includes shareholders owning 5% or more of the outstanding stock whether or not the ownership is real or beneficial. For a publicly traded corporation, this includes the three primary corporate officers. For a partnership or proprietorship this includes the owners.

(ii) A statement of financial responsibility required by the act and this chapter.

(iii) A statement assuring completion of contracts with existing students.

(iv) Evidence of surety under § 73.54 (relating to surety).

(v) Evidence that a bona fide sales transaction has taken place.

Notes

22 Pa. Code § 73.143