The new owner must comply with all the requirements of this chapter. Applications for licenses must be filed in the manner prescribed by the commission. The applications must be signed by the applicants and must contain that information as may be required. Additional courses or programs of instruction may be approved during the effective period of the license if a supplementary approval application is submitted and the license is amended. Licenses and renewal of licenses for degree-granting institutions may be granted for periods not to exceed five years.
Renewal is contingent upon filing appropriate applications for renewal with the commissioner.
The institution and its courses or programs, facilities, faculty, and all other operations must meet the requirements for an original license at the effective date of the renewal. The commission may set reasonable fees for administration of this chapter, including, but not limited to, licenses, agent permits, renewals, penalties for late renewals, consultants, complaint investigations, and supplementary applications for amendments of the license. Before an institution is licensed under this chapter, the commission may require that a surety bond be provided by the institution in an amount in compliance with the regulations prescribed by the commission. The obligation of the bond is that the institution, its officers, agents, and employees shall faithfully perform the terms and conditions of contracts for tuition and other instructional fees entered into between the institution and persons enrolling as students. The bond must be issued by a company authorized to do business in the State of South Carolina.