Section 31.05 - Required Disclosures(1) It is an unfair or deceptive act or practice for a school to conceal or fail to disclose to a prospective student any fact relating to the school or program, disclosure of which is likely to influence the prospective student not to enter into the transaction with the school.(2) It is an unfair or deceptive act or practice to fail to make the following disclosure to consumers and prospective students, clearly and conspicuously, at least 72 hours prior to entering into an enrollment agreement with a consumer or prospective student: (a)Cost of Program. The total cost of the program is [program cost].(b)Graduation. [Graduation rate] of students graduated from the program during [the last two calendar years for which data are available].(c)Graduation Time. The average student graduates in [median completion time].(3) For any school that accepts federal Title IV funds, or that provides institutional loans, it is an unfair or deceptive act or practice for a school to fail to make the following disclosure to consumers and prospective students, clearly and conspicuously, at least 72 hours prior to entering into an enrollment agreement with such consumer or prospective student:(a)Your Loan Debt. You must repay money that you borrow as student loans to pay for this program, including interest. You must repay any portion of the money you borrow to pay for this program, even if you fail to complete or drop out of the program. Failure to repay student loans is likely to have a serious negative effect on your credit, future earnings, and your ability to obtain future student loans.(b)Loan Nonpayment Statistics. [loan nonpayment percentage] of [school name] students defaulted on, or failed to repay, their loans during the period [years covered in corresponding federal cohort default rate used to calculate loan nonpayment rate].(4) For any occupational program that: (a) accepts state or federal financing of student enrollment, either directly or indirectly, in the form of student loans, grants, or funding, and is required to maintain employment statistics as a condition of receiving or continuing to receive said state or federal financing; or(b) refers in advertising, recruiting, or promotional materials or statements to employment prospects or job placement, it is an unfair or deceptive act or practice for a school to fail to make the following disclosure to consumers and prospective students, clearly and conspicuously, at least 72 hours prior to entering into an enrollment agreement with such consumer or prospective student: 1.Placement Rates. [Graduate placement rate] of graduates during [latest two calendar years] obtained full-time, non-temporary jobs in their field of study. [Total placement rate] of students that enrolled in the program during [latest two calendar years] obtained full-time, non-temporary jobs in their field of study.2.Employment Statistics. Employment statistics substantiating these placement rates are available for inspection on request.(5) It is an unfair or deceptive act or practice for a school to obtain personal consumer information, including names, home or electronic addresses, telephone numbers, or other contact information from lead generators or website operators that do not clearly and conspicuously disclose to consumers that their personal information will be provided to schools.(6) If a school offers or requires students to take an examination, certification examination, or similar test of the students' competence to enter, continue with, or graduate from a program, or to be certified in a particular occupational field, and the examination or test is available directly from an outside vendor, it is an unfair or deceptive act or practice for a school to fail to disclose the actual cost of such examination or test prior to the time of enrollment.(7) It is an unfair or deceptive act or practice for a school to represent to a student or prospective student or to any other person that its credits are or may be transferable to another educational institution without:(a) identifying the school(s) with which it has written agreements or other documentation verifying that credits can be transferred to said school(s); and(b) indicating it is aware of no other schools that accept the transfer of its credits.Adopted by Mass Register Issue 1263, eff. 6/20/2014.