Sec. 7. (a) The following expire on December 31 of each calendar year:
(1) The approval of a course by the commission.
(2) A permit issued under section 15 of this chapter.
(b) To obtain renewal of approval for the ensuing calendar year, the school must submit to the commission by November 30 of the current year:
(1) a letter requesting renewal;
(2) an annual report; and
(3) a bond in the amount of twenty percent (20%) of the previous year's total tuition, but in no event less than ten thousand dollars ($10,000) or more than fifty thousand dollars ($50,000).