"Owner” is defined in O.C.G.A. § 20-3-250.2 (14). In the event of an ownership change, the following steps must be taken:

  1. The new owner must within ten (10) business days of the official change of ownership, pay the Change in Ownership Fee as listed on the GNPEC website and notify GNPEC of the change of ownership using the GNPEC Change of Ownership Form located on GNPEC’s website at https://gnpec.georgia.gov.
    1. If the new owner does not notify GNPEC by submitting the form and the fee within ten (10) days of the official change of ownership, the institution’s authorization to operate shall terminate, and GNPEC will require the new owner to initiate the complete Initial Authorization Application along with the Application Evaluation Fee set forth by the GNPEC Schedule of Fees.
  2. In accordance with O.C.G.A.§ 20-3-250.8(f) the new owner must submit a complete Renewal of Authorization Application with all required fees (Annual Authorization and TGTF, if applicable) within thirty (30) calendar days of the official change of ownership.
    1. Alternatively, if the new owner does not submit the Renewal of Authorization application and fees within (30) calendar days, the institution’s authorization to operate shall terminate, and GNPEC will require the new owner to initiate the complete Initial Authorization Application along with the Application Evaluation Fee.
  3. In accordance with O.C.G.A. § 20-3-250.27(c)(4), following a change of ownership, a postsecondary educational institution may be required to participate in the fund for a period of up to seven years as determined by the Executive Director in his or her sole discretion. 

 

Approved by Commission Vote May 15, 2023