R708-2-19. Change in Ownership

(1) When any ownership change occurs in a school, the school shall immediately notify the division in writing by the new owner and a new application shall be submitted as specified in Section R708-2-4. (2) An application shall be considered a renewal when one or more of the original licensees remain as a part owner of the school. (3) When the change in ownership involves a new applicant not named in the application for the most recent school license issued, the license shall be considered a new application. (4) The division may permit continuance of operation of the school by the current licensee pending processing of the application made by the new applicant to whom ownership of the school is to be transferred. (5) Upon issuance of a new school license, the prior license shall be immediately surrendered to the division.