Change of Ownership
An institution with an Authorization to Operate shall notify the Commission before entering into contracts or negotiations related to sale of the institution. At least 30 days before the effective date of a Change of Ownership of an institution, the new owner shall submit an Application for Initial Authorization and application fee. The completed application must include the required fee a description of any changes to be made at the institution as a result of the Change in Ownership, the effective date of the change, and a statement of the assets and obligations that will be transferred. Upon determination that the application is complete, the Commission staff shall place the application on the agenda for the next Commission meeting. An institution that administers financial aid on behalf of the Commission must have a Change in Ownership approved in order to be eligible to continue to administer that aid. Upon approval by the Commission, the Commission will issue to the institution an Authorization to Operate.
Administrative Approval
Not all items require Commission action and may be Administratively Approved if they are not substantive. Changes that may follow the Administrative Approval process include:
- Curriculum, Program Name,
- Instructional Delivery Method
- Senior Management
- Tuition Changes
- Discontinuing Program
- Institutional Name
- Catalog/Enrollment Contracts