Section 13.03 - Financial Qualification and Surety Requirement for Schools(1) An applicant for a license to operate a School shall apply to the State Auditor for certification that the School is financially qualified, by submitting financial statements and other such information as the State Auditor may require.(2) Pursuant to M.G.L. c. 112, § 263(g), no School shall operate without valid Surety in the amount determined by the State Auditor.(3) A School shall timely apply to the State Auditor for a reevaluation of its financial qualification upon renewal and at such other time as may be required by the State Auditor pursuant to M.G.L. c. 112, § 263(d) by submitting current financial statements and such other information as the State Auditor may require.(4) If the State Auditor increases the amount of Surety a School must have, the School shall submit additional Surety to the division within 30 days.(5) If the Surety is canceled, the School shall procure new Surety 30 days prior to the effective cancellation date.Adopted by Mass Register Issue 1329, eff. 12/30/2016.