HARRY HUGHES, Governor

3543

Chapter 776 of the Acts of 1984

SECTION 2. AND BE IT FURTHER ENACTED, That as to each
depositor, SHAREHOLDER, or member in a banking institution,
credit union, or savings and loan association, the banking
institution, credit union, or savings and loan association shall
give to the depositor, SHAREHOLDER, or member NO LATER THAN
OCTOBER 1, 1985, UNLESS PREVIOUSLY NOTIFIED, the notice required
by §§ 5-309, 6-403, and 9-909 of the Financial Institutions
Article for each of the depositor's, SHAREHOLDER'S, or member's
accounts which is in existence on July 1, 1984.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1985.

Approved May 28, 1985.

CHAPTER 752

(House Bill 339)

AN ACT concerning

Continuing Care Communities

FOR the purpose of providing for the issuance of a preliminary
certificate of registration; providing for the conditions
for the issuance of a preliminary certificate; providing
criteria for the approval of feasibility studies; providing
for the criteria for approving certain applications for
certificates of registration; providing when certain
proportions of escrowed deposits may be used by a provider;
providing for conditions under which a subscriber may be
entitled to certain refunds; providing that a certain
disclaimer appear in all continuing care contracts;
providing that the continuing care agreement state that the
subscribers have a right to organize and to meet privately;
ensuring that the subscriber has received the latest
certified financial statement by a certain time; providing
that the continuing care agreement contain provisions
relating to the subscriber's right to request certain
certified financial statements and to the use of
subscribers' deposits and the conditions under which a final
certificate may be issued; providing that deposits must be
escrowed until a certain time; creating a Financial Review
Committee; providing for the qualifications, terms of
office, responsibilities, and duties of the members of the
Financial Review Committee; protecting members from civil
liability in certain circumstances; empowering the Office on
Aging to make a finding of financial difficulty and