(a) To be eligible to serve as a Texas Virtual School Network (TxVSN) online school, a school district or charter school shall:(1) have a current accreditation status of Accredited as specified in §97.1055 of this title (relating to Accreditation Status);(2) be rated acceptable as described in the Texas Education Code, §39.054;(3) be rated at the Standard Achievement level or higher under the state financial accountability rating system as specified in §109.1001 of this title (relating to Financial Accountability Ratings);(4) have met statutory requirements for timely submission of annual audit and compliance reports, Public Education Information Management System (PEIMS) reports, and timely deposits with the Teacher Retirement System, with all records and reports reflecting satisfactory performance;(5) be in good standing with other programs, grants, and projects administered through the Texas Education Agency (TEA); and(6) have been approved to operate a TxVSN Online School (OLS) as of January 1, 2013.(b) Based on the most recent available status as of the beginning of a school year, the TEA may suspend a TxVSN OLS program that no longer meets the requirements of subsection (a) of this section.