SPS 404.05(3)(b)(b) Specify on the application for approval whether the school uses quarter or semester credits; SPS 404.05(3)(c)(c) Specify on the application for approval whether the school desires to use degree credits or vocational credits; and SPS 404.05(4)(4) A school which seeks approval to convert an approved program from hours to credits shall: SPS 404.05(4)(b)(b) Specify on the application for approval whether the school uses quarter or semester credits; SPS 404.05(4)(c)(c) Specify on the application for approval whether the school desires to use degree credits or vocational credits; and SPS 404.05(5)(5) In addition to meeting the requirements in sub. (3) or (4) as appropriate, a school which seeks approval of a program measured on a quarter credit basis shall: 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.