Annual renewal of an authorization shall be required on a schedule established by the department. At least thirty days prior to the expiration of an authorization to operate and upon notification by the department, the school shall complete and file with the department an application form for renewal of its authorization to operate. Financial stability information shall accompany the application. The renewal application shall be reviewed and acted upon as provided for an initial application. No authorization issued to any private postsecondary career school shall be renewed unless such school has been accredited by the department within five years of the date of its initial authorization to operate.
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