(1) TRTF funding.

(a) Upon submission of an initial school license application, a deposit of three hundred dollars into the TRTF is required. A change in school location does not exempt the school from the initial application deposit.

(b) Upon submission of a renewal application, a deposit of .16% (.0016) of the school's gross annual tuition for the previous calendar year into the TRTF is required.

(c) Renewal applications for schools whose gross annual tuition for the previous calendar year is zero, will be required to deposit twenty-five dollars into the TRTF.

(d) Failure to submit a deposit is grounds for denial of a renewal application.

(2) The department shall periodically review the fund balance to ensure the fund is of a sufficient balance.

(3) The department will attempt to notify all potential claimants within thirty days of receiving closure notification from a school.

(4) Students will have three years from the last date of attendance at the school to file a claim. Claims must be submitted in writing to the department of licensing.

(5) After verification and review, the department shall disburse funds from the TRTF to settle claims for an amount up to the value of unearned prepaid tuition.

(6) Schools will notify students of the TRTF program.