Financial Guarantee. In addition to the requirements of Regulation .05 of this chapter, a school shall provide to the Commission a financial guarantee in the amount of $100,000 as security for its performance of duties and responsibilities under this regulation. The Secretary may not issue a certificate of approval, and may revoke any certificate of approval previously issued, to a school that fails to provide a financial guarantee as required in this regulation. If a school does not comply with the provisions of this regulation, the Secretary may utilize the school’s financial guarantee to defray the costs and expenses incurred as a result. If a school fully and timely complies with the provisions of this regulation, as determined solely by the Secretary, the Secretary shall return the financial guarantee in full. A school that decides to close shall immediately, and in any event within 3 business days of its decision to close, notify the Commission in writing of its intention to close and provide an initial closure plan. The initial closure plan shall include: The exact date the school will close and reason for the closure; The last date of instruction for each educational service or program; Notice of whether branch campuses of the institution will close or remain open; If known, notice of whether the school will provide teach-out arrangements; and A list of all students who were enrolled at any time during the 120 days prior to the date of the decision to close. A school that decides to close shall, within 10 business days of its decision to close, provide to the Commission a final closure plan that includes: A timeline for the transfer of all student records to the Commission; A list of all students who were enrolled at any time during the 120 days prior to the date of the decision to close that includes: The student’s full name at the time of enrollment and any name changes submitted by the student; The student’s current enrollment status; and The student’s last known mailing address, email address, and phone numbers; An explanation of how and when the school will notify all students of their rights and options under federal student financial aid programs and this regulation; and For any student who will not be provided a complete educational program: A plan for providing teach-outs or transfers, including details and documentation of any agreements with other institutions; or If no teach-out is contemplated, or for students who do not wish to participate in a teach-out, a plan for making applicable refunds to students within 45 days from the date of closure. If a school closes, prior to the date of closure it shall deliver to the Secretary electronic copies, if available, of the student records for all current and former students. If electronic copies do not exist, the school shall deliver the originals or paper copies of the records.