There is a newer version of the Michigan Compiled Laws
2006 Michigan Compiled Laws - Act 440 of 1976
| AN ACT to regulate the offer and sale of life estates, life leases, and long-term leases in nursing homes, retirement homes, homes for the aged, and foster care facilities; to prohibit fraudulent practices in relation to the offer and sale of those estates and leases; to impose regulatory duties upon the corporation and securities bureau of the department of commerce; and to provide penalties.
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| Document | Description |
| Section 554.801 | Short title. |
| Section 554.802 | Meanings of words and phrases. |
| Section 554.803 | Definitions. |
| Section 554.804 | Additional definitions. |
| Section 554.805 | Applicability of act; offer or sale of life interest or long-term lease; making offer to sell; accepting offer to sell; facility offering long-term lease or life interest as profit or nonprofit corporation; compliance with federal law; limitation on purposes of corporations. |
| Section 554.806 | Fraud and deceit. |
| Section 554.807 | Registration required. |
| Section 554.808 | Application for registration; form; contents of disclosure statement; financial statement; signing and verification of application; type and spacing of contracts; untrue statement or omission of material fact; notice of filing; order of registration or rejection; notice of deficiencies. |
| Section 554.809 | Alternative disclosure statement. |
| Section 554.810 | Lease or membership agreement; minimum provisions; termination of member; refund; providing access to adequate alternative facility. |
| Section 554.811 | Arbitration of dispute, claim, or grievance; waiver. |
| Section 554.812 | Resident as advisory member of board of directors. |
| Section 554.813 | Conservators or guardians. |
| Section 554.814 | Order temporarily suspending repayment of entrance fee. |
| Section 554.815 | Exemptions from registration requirements. |
| Section 554.816 | Pro forma financial plan; filing; deposit with escrow agent; surety bond or guaranty; temporary suspension of sales; entrance fees as capital in calculating solvency. |
| Section 554.817 | Notice of intent to issue stop order denying, suspending, or revoking registration; grounds. |
| Section 554.818 | Notifying applicant of stop order; hearing; vacating or modifying stop order. |
| Section 554.819 | Right to rescind purchase of life lease or long-term lease; retention of funds in separate escrow account; moving into facility. |
| Section 554.820 | Registration of life interest or long-term lease offering. |
| Section 554.821 | Registration renewal statement; form and content; automatic renewal. |
| Section 554.822 | Material change in information; application to amend registration; revised disclosure statement; effective date of amendment; semiannual financial statements; financial information or reports. |
| Section 554.823 | Account of sales; reports and records; examination; opinions, appraisals, and reports of experts on questions affecting interests proposed to be offered or sold; failure to furnish information; investigation; expenses; disposition of fees. |
| Section 554.824 | Effect of application for registration being filed or becoming effective. |
| Section 554.825 | Service of process generally. |
| Section 554.826 | Requirements before use of disclosure statement, pamphlet, circular, form letter, advertisement, or other sales literature or advertising communication; requirements for publication of advertisement; liability of publisher. |
| Section 554.827 | Conduct and qualifications of agents; rules. |
| Section 554.828 | Notice of intent to issue cease and desist order; issuance; hearing; order of censure; violation; penalty; separate offenses. |
| Section 554.829 | Liability to person purchasing life interest or lease; rescission as bar to action. |
| Section 554.830 | Joint and several liability. |
| Section 554.831 | Limitations. |
| Section 554.832 | Civil liability by implication; common law or other statutory liability not limited. |
| Section 554.833 | Powers of bureau; circuit court orders; contempt. |
| Section 554.834 | Injunction, restraining order, or writ of mandamus; appointment of receiver or conservator; bond. |
| Section 554.835 | Proceedings by attorney general or prosecuting attorney. |
| Section 554.836 | Violation; penalty; conduct constituting crime under other statute. |
| Section 554.837 | Service of process where conduct prohibited or made actionable by act or rule. |
| Section 554.838 | Fees. |
| Section 554.839 | Rules. |
| Section 554.840 | Public inspection of documents; disclosure of information. |
| Section 554.841 | Reproduction of public records; certified copy of document as prima facie evidence. |
| Section 554.842 | Destruction of applications, orders, files, and folders as useless or obsolete; permanent record of disciplinary action; retention of reproductions. |
| Section 554.843 | Submitting information in compliance with § 554.808. |
| Section 554.844 | Effective dates. |
Disclaimer: These codes may not be the most recent version. Michigan may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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