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2019 Michigan Compiled Laws
Chapter 554 - Real and Personal Property
Act 448 of 2014 Continuing Care Community Disclosure Act (554.901 - 554.993)
AN ACT to regulate the offer and sale of life interests and long-term leases in retirement communities that provide certain services and are independent living units, nursing homes, homes for the aged, adult foster care facilities, home care service agencies, hospices, or places that provide care for certain periods; to prohibit fraudulent practices in relation to the offer and sale of those life interests and long-term leases; to provide for the powers and duties of certain state governmental agencies; to provide for penalties and remedies; to prescribe penalties and civil sanctions; and to repeal acts and parts of acts.
History: 2014, Act 448, Eff. Apr. 2, 2015
- Section 554.901 Short Title.
- Section 554.903 Definitions; a to C.
- Section 554.905 Definitions; D to L.
- Section 554.907 Definitions; M to O.
- Section 554.909 Definitions; P to R.
- Section 554.911 Definitions; S.
- Section 554.913 Continuing Care Community; Organization and Operation; Purpose; Member to Service in Advisory Capacity.
- Section 554.915 Continuing Care Agreement; Registration or Exemption Required; Applicability to Written or Oral Arrangements; Offer or Sale; Conditions; Circumstances.
- Section 554.917 Rules; Exemption; Variance; Area Not Considered Home for the Aged or Adult Foster Care Facility; Relationship Not Subject to Laws Between Landlord and Tenant.
- Section 554.919 Initial Registration; Submission of Information; Missing or Unreliable Information; Cost of Investigation; Deposit of Payment; Registration of 2 or More Retirement Communities as Single Continuing Care Community; Consideration of Opinions, Appraisals, and Reports of Experts; Electronic Transmission of Application and Fee.
- Section 554.921 Incomplete Application; Notification; Order Approving or Denying Registration.
- Section 554.923 Effect of Order Approving or Filing Registration.
- Section 554.925 Renewal of Registration; Application Form to Be Sent by Department.
- Section 554.927 Application for Registration Renewal; Processing; Failure to Submit Application or Fee; Continuation of Current Registration; Failure to File Renewal Application.
- Section 554.929 Extension of Registration; Requirements; Fees.
- Section 554.931 Fees; Continuing Care Administration Fund; Creation; Disposition; Investment; Money Remaining at Close of Fiscal Year; Expenditures.
- Section 554.933 Reportable Changes; Amendment of Registration.
- Section 554.935 Delivery of Continuing Care Agreements, Emergency Plan, and Disclosure Statement; Availability of Feasibility Study.
- Section 554.937 Disclosure Statement.
- Section 554.939 Continuing Care Agreement; Requirements.
- Section 554.941 Financial Statements; Requirements.
- Section 554.943 Financial Forecast.
- Section 554.945 Funds to Be Held in Trust Account; Deposit With Escrow Agent; Conditions; Temporary Suspension Order; Return of Escrowed Funds; Escrow Agreement and Account; Requirements; Release of Funds.
- Section 554.947 Alternative Financial Arrangement.
- Section 554.949 Records; Reports.
- Section 554.951 Advertising or Marketing Communication.
- Section 554.955 Offer or Sale of Continuing Care Agreement; Prohibited Acts.
- Section 554.957 Appointment of Independent Conservator or Guardian.
- Section 554.959 Arbitration.
- Section 554.961 Service of Process; Irrevocable Consent Appointing Department.
- Section 554.963 Investigations.
- Section 554.965 Review and Audit of Documents and Records.
- Section 554.967 Repayment of Entrance Fee; Temporary Suspension.
- Section 554.969 Order Denying, Suspending, or Revoking Registration.
- Section 554.971 Cease and Desist Order.
- Section 554.973 Injunction, Restraining Order, or Writ of Mandamus.
- Section 554.975 Civil Fine; Costs; Sanctions; Continuing Care Agreement as Voidable; Refund.
- Section 554.977 Liability; Offer of Rescission.
- Section 554.979 Liability by Implication; Liability Under Other Statute or Common Law.
- Section 554.981 Person Materially Aiding in Act or Transaction Constituting Violation; Joint and Several Liability.
- Section 554.983 Statute of Limitations.
- Section 554.985 Violation as Felony; Penalty; Seizure and Forfeiture of Proceeds or Instrumentality of Crime.
- Section 554.987 Promulgation of Rules.
- Section 554.989 Disclosure of Filings; Exemption; Confidentiality of Social Security Numbers.
- Section 554.991 Life Interest or Long-Term Lease Agreement Under Former Act.
- Section 554.993 Facility or Person Registered or Exempt Under Former Act.
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