California Code of Regulations › Title 5 - Education › Division 7.5 - Private Postsecondary Education › Chapter 2 - Applications › Article 7 - Applications for a Substantive Change to an Approval to Operate › Section 71640 - Application for Ownership, Control, or Business Organization Form

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) An institution
				  seeking to change the business organization form, control, or ownership as
				  defined in sections
				  94821,
				  94822, or
				  94823, respectively shall complete
				  the "Change of Business Organization/Control/Ownership" form (OWN rev. 2/10) to
				  obtain prior authorization. The form shall be submitted to the Bureau along
				  with the appropriate fee as provided in Section
				  94930.5(c) of the
				  Code. An application under this section shall be signed by all signatories to
				  the initial application, or the last approved application under this section,
				  as well as the persons required to sign an application pursuant to section
				  71380 for institutions approved
				  under section
				  94885 of the code and section
				  71390 for institutions approved
				  under section
				  94890 of the code. Each signature
				  shall be dated, and each fact stated therein and each attachment thereto shall
				  be declared to be true under penalty of perjury, in the following form:
"I declare under penalty of perjury under the laws of the
					 State of California that the foregoing and all attachments are true and
					 correct.
___________________________
___________________________
(Date)
(Signature)"
(b)
				  An application for a change in ownership or control shall identify the name,
				  title, address, e-mail address and telephone number of each new person required
				  to be listed pursuant to section
				  71130 in an application, as well as
				  the persons previously listed pursuant to section
				  71130 that will no longer have
				  ownership or control. For each proposed person listed, the application shall
				  include the information required pursuant to section
				  71130(b), (c), and
				  (d).
(c) An application for a change in the form
				  of business organization of the institution shall identify the approved
				  organization as well as the proposed organization. If the proposed organization
				  is incorporated, the application shall also identify the state within which the
				  proposed organization is incorporated and the date of incorporation, along with
				  copies of the articles of incorporation and bylaws. To the extent that a change
				  in the form of business organization represents a change in ownership or
				  control, the application shall include the information required by subdivision
				  (b) of this section.
(d) In
				  addition to the above required information, each application under this section
				  shall include:
(1) The name, address,
				  telephone number, fax number, and school code of the institution;
(2) The reason for the proposed
				  change;
(3) The impact of the
				  change on the financial resources of the institution, including the
				  institution's ability to comply with section
				  71745;
(4) A description of the planned
				  administrative relationship between the persons previously approved and the
				  proposed owners or persons in control, including the nature and extent of the
				  supervision by the chief academic officer, chief operating officer, chief
				  executive officer, and administrators; and
(5) Any additional information required by
				  the Bureau pursuant to section
				  71340 of this Chapter;
				  and
(6) The name, address, email
				  address, telephone number and fax number of the contact person for this
				  application.