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(1) A qualifying school shall:
(a) notify a scholarship granting organization of the qualifying school's intention to participate in the program;
(b) submit evidence to the scholarship granting organization that the qualifying school has been approved by the state board under Section 53E-7-408; and
(c) submit a signed affidavit to the scholarship granting organization that the qualifying school will comply with the requirements of this part.
(2) A qualifying school shall comply with 42 U.S.C. Sec. 1981, and meet state and local health and safety laws and codes.
(3) Before the beginning of the school year immediately following a school year in which a qualifying school receives scholarship money equal to or more than $100,000, the qualifying school shall file with a scholarship granting organization that allocates scholarship money to the qualifying school:
(a) a surety bond payable to the scholarship granting organization in an amount equal to the aggregate amount of scholarship money expected to be received during the school year; or
(b) financial information that demonstrates the financial viability of the qualifying school, as required by the scholarship granting organization.
(4) If a scholarship granting organization determines that a qualifying school has violated a provision of this part, the scholarship granting organization may interrupt disbursement of or withhold scholarship money from the qualifying school.
(5)
(a) If the state board determines that a qualifying school no longer meets the eligibility requirements described in Section 53E-7-408, the state board may withdraw the state board's approval of the school.
(b) A private school that does not have the state board's approval under Section 53E-7-408 may not accept scholarship money under this part.
(6) A qualifying school shall, when administering an annual assessment required under Section 53E-7-408, ensure that the qualifying school uses a norm-referenced assessment.