REPORTABLE EVENTS
§ 73.201. Reportable events.
(a) A school is required to notify Board staff of an event which is reportable under this chapter.
(1) No particular form of notice is required by the Board.
(2) A notice shall be in writing and mailed to Board staff.
(3) An event shall be deemed reported when the written notice is deposited in the mail.
(4) A notice of a reportable event shall be made to the Board within 48 hours from the date the school knew or should have known of the occurrence of the event.
(5) Failure by a school to report an event within the time prescribed by this section is a violation.
(b) The following are reportable events:
(1) The financial condition of the school has changed materially as the term ‘‘material change’’ is understood in accordance with standard accounting practice.
(2) The school’s form of surety has or is about to lapse or the level of surety has become insufficient to protect the contractual rights of students.
(3) The school is the named voluntary debtor in a petition in bankruptcy filed under 11 U.S.C.A. § § 101—1330, known as the Federal Bankruptcy Act, or has made an assignment for the benefit of creditors or has become insolvent. If a licensee is named as an involuntary debtor, the licensee shall notify the Board when a court of appropriate jurisdiction declares the licensee bankrupt.
(4) The school has been notified of a building code violation affecting the health and safety of its occupants.
(5) The school has been notified that the licensed premises are endangered by an environmental hazard.
(6) The school is to be subject to a Title IV—section 487(c) of the Higher Education Act of 1965 (20 U.S.C.A. § 1094)—audit initiated by the United States General Accounting Office.
(7) Another event in a section of this chapter which imposes on a school an obligation to notify the Board, subject to the specific reporting requirements of the section.
Source The provisions of this § 73.201 amended September 6, 1996, effective September 7, 1996, 26 Pa.B. 4334. Immediately preceding text appears at serial pages (133120) to (133121).
Cross References This section cited in 22 Pa. Code § 73.1 (relating to definitions).
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