Financial solvency.

1. The licensing authority shall ensure that a foster home is financially solvent. A foster home must, as a condition of licensure: (a) Demonstrate that it has adequate financial resources to provide basic necessities for all persons residing in the home before a child is placed in the foster home; (b) Demonstrate the ability to meet all of its financial obligations regardless of whether the foster home receives payments for providing foster care; (c) Agree to account for all money expended for clothing and incidental expenses for each child who is placed in the foster home; (d) Unless the foster home is operated as a public program, provide financial records to the licensing authority which demonstrate ongoing financial solvency, upon the request of the licensing authority; and (e) Disclose whether the foster home has been the subject of bankruptcy proceedings. 2. The licensing authority shall keep confidential any financial records or information provided by a foster home pursuant to this section.