[ Text of section effective until August 1, 2012. Repealed by 2012, 106, Sec. 3. See 2012, 106, Sec. 9.]
Section 3. Any person desiring to operate a private business school within the commonwealth shall submit to the state auditor, on a form supplied by him, such financial information as he may require, including but not limited to:
(a) ownership and organization of the school;
(b) the financial condition of the school; and
(c) the form and content of the student enrollment agreement to be used by the school.
If, after investigation, the state auditor finds that the applicant is financially qualified to operate a private business school, he shall certify to the commissioner the financial eligibility of the applicant to apply for a license to operate a private business school. The state auditor shall establish the eligibility of the applicant annually. Renewal of such license for any succeeding two year period shall be issued only after such an investigation has been conducted and certification of the financial eligibility of the applicant for renewal has been made by the state auditor. Every such applicant for renewal shall submit to the state auditor the financial information required under this section. Financial statements shall be submitted to the state auditor thirty days prior to the annual review. Notwithstanding the provisions of section twelve of chapter eleven pertaining to maintenance of the records in the department of the state auditor, such financial information submitted to the state auditor shall be retained in the office of the state auditor and shall not be classified as public records.
If the state auditor finds that the applicant is not financially responsible and qualified to operate a private business school, he shall refuse to approve the application. The state auditor shall state his reasons therefor in writing.