(a) The holder of a private postsecondary school license shall maintain a refund policy to provide for the refund of any unused parts of tuition, fees, and other charges paid by a student who, at the expiration of the cancellation period established under Section 1603.3601:
(1) fails to enter the course of training;
(2) withdraws from the course of training; or
(3) is terminated from the course of training before completion of the course.
(b) The refund policy must provide that:
(1) the refund is based on the period of the student’s enrollment, computed on the basis of course time expressed in scheduled hours, as specified by an enrollment agreement, contract, or other document acceptable to the department;
(2) the effective date of the termination for refund purposes is the earliest of:
(A) the last date of attendance, if the student is terminated by the school;
(B) the date the license holder receives the student’s written notice of withdrawal; or
(C) 10 school days after the last date of attendance; and
(3) the school may retain not more than $100 if:
(A) tuition is collected before the course of training begins; and
(B) the student does not begin the course of training before the cancellation period established under Section 1603.3601 expires.