With ownership defined as 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 $500 Change in Ownership Fee and notify GNPEC of the change of ownership using the GNPEC Change of Ownership Form which can be found 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 a $1000 Change of Ownership fee.
  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 a $1000 Change of Ownership fee.
  3. If the previous owner has already paid into the Tuition Guaranty Trust Fund for five (5) years, the new owner will assume the benefits derived thereafter. If the previous owner has already paid into the Tuition Guaranty Trust Fund, but for a period of less than five years, the new owner will still assume the benefits of the previous owner’s payments, but will be required to pay into the Tuition Guaranty Trust Fund, on an annual basis, the remaining unpaid payments until all payments for the original five-year period have been made.