Scope. This regulation applies to an institution applying for or renewing registration under this chapter if the institution chooses to enroll a Maryland student: Before the institution’s registration is issued by the Secretary; or When the institution's registration has expired. This regulation does not apply to an institution applying for or renewing a registration if the institution does not enroll a Maryland student: Before the institution’s registration is issued by the Secretary; or When the institution’s registration has expired. The institution shall file an application for registration as required in regulation .04A of this chapter and provide a pre-registration financial guarantee to the Commission, as described in this regulation, in order to commence or continue the enrollment of Maryland students. The pre-registration financial guarantee provided for in this regulation is separate from, and additional to, the continuous financial guarantee that is required of for-profit institutions under Regulation .12 of this chapter. An institution that files an application and provides a financial guarantee under this regulation may continue to operate without a registration while the Commission considers the institution's application, conducts a hearing concerning the institution's application, or participates in judicial review regarding the institution's application. The financial guarantee shall be in the form required by the Secretary, shall be between the Commission and the surety, and shall be conditioned that, if the institution is denied registration, the institution shall provide 100 percent refunds of tuition and fees paid to the institution by all Maryland students. The amount of the financial guarantee required under this regulation shall be sufficient to cover 100 percent refunds and fees paid to the institution by all Maryland students.