SPS 404.05(5)(a)(a) Award one quarter credit for no fewer than 10 hours of lecture, plus 20 hours of outside preparation or the equivalent. SPS 404.05(5)(b)(b) Award one quarter credit for no fewer than 20 hours of laboratory work plus necessary outside preparation. SPS 404.05(5)(c)(c) Award one quarter credit for no fewer than 30 hours of shop. SPS 404.05(5)(d)(d) Award one quarter credit for no fewer than 30 hours of off-campus practical training such as a residency, externship, internship, or practicum. SPS 404.05(6)(6) In addition to meeting the requirements in sub. (3) or (4) as appropriate, a school which seeks approval of a program measured on a semester credit basis shall: SPS 404.05(6)(a)(a) Award one semester credit for no fewer than 15 hours of lecture, plus 30 hours of outside preparation or the equivalent. SPS 404.05(6)(b)(b) Award one semester credit for no fewer than 30 hours of laboratory work plus necessary outside preparation. SPS 404.05(6)(c)(c) Award one semester credit for no fewer than 45 hours of shop. SPS 404.05(6)(d)(d) Award one semester credit for no fewer than 45 hours of off-campus practical training such as a residency, externship, internship, or practicum. SPS 404.05 HistoryHistory: Cr. Register, June, 1990, No. 414, eff. 7-1-90; am. (3) (intro.), (a), (4) (intro.) and (5) (intro.), cr. (3m), Register, March, 1993, No. 447, eff. 4-1-93; renum. from EAB 5.065, am. (1) (a), (2), (3), r. (1) (b), renum. (3m), (4), (5) to be (4), (5), (6) and am., Register, October, 1997, No. 502, eff. 12-1-97; correction in (3) (a), (d), (4) (a), (d) Register November 2017 No. 743. SPS 404.06SPS 404.06 Financial stability and student protection. SPS 404.06(1)(a)(a) As a condition of obtaining and retaining approval, a school shall provide a surety bond on a form specified by the department. Except as provided in pars. (b) and (c), the amount of surety shall be the lesser of $25,000 or 125% of unearned tuition. SPS 404.06(1)(b)(b) No surety bond may be less than $1,000 or an amount equal to $2,000 for each representative the school employs. SPS 404.06(1)(c)(c) The bonding requirements set forth in this section may be reduced upon a determination that they are excessive in relation to the risk of economic loss to which Wisconsin residents are exposed in the case of any particular school, based upon evidence of a stable fiscal history, satisfactory completion and placement rates, accreditation by a recognized accrediting body or other stability criteria the schools may offer for department review. SPS 404.06(1)(d)(d) The bond shall be executed by the school as principal and by a surety company qualified and authorized to do business in the state of Wisconsin as a surety. SPS 404.06(1)(e)(e) A surety on a bond may be released after the surety has provided written notice directed to the department at least 30 days prior to the release. SPS 404.06(2)(b)2.2. If at any time the appropriation balance of s. 20.165 (1) (jr), Stats., is less than $500,000, at a rate determined by the department based on a multiplier equal to the percentage of all schools’ total adjusted gross annual revenue needed to bring the appropriation under s. 20.165 (1) (jr), Stats., to $500,000, but not to exceed $10,000 for an individual school. SPS 404.06(2)(c)(c) The fee shall paid at the same time the school makes its second payment annual renewal fee as required under s. SPS 404.10 (2) (d) and is due no later than March 1 of the calendar year for which the school is applying for renewal. SPS 404.06(2)(d)(d) A school that makes the student protection fee payment required after March 1, shall pay for each month or part of a month the payment is late, a late fee of $50 or 1.5% of the student protection fee payment, whichever is greater. SPS 404.06(2)(e)(e) The department shall discontinue collecting student protection fees under this subsection during the period that the balance of the appropriation under s. 20.165 (1) (jr), Stats., exceeds $1,000,000. SPS 404.06(3)(3) Use of surety bonds and student protection funding. SPS 404.06(3)(a)(a) The department may use a surety bond on which it has collected to provide indemnification to any student, parent, guardian, or sponsor suffering loss or damage as a result of the following. SPS 404.06(3)(a)1.1. Fraud or false representation used in procuring a student’s enrollment.