HARRY HUGHES, Governor 3545

(b)  All providers, including those in subsection (a) of
this section, shall also file a feasibility study, in a form
satisfactory to the Office on Aging. The feasibility study shall
include at least the following information:

(1)  A statement of the purpose and need for the
project and the reasons for the proposed construction, expansion,
or renovation;

(2)  A statement of financial resources of the
providers;

(3)  A statement of the capital expenditures necessary
to accomplish the project; and

(4)  A statement of financial feasibility for the
proposed project which shall include a statement of future
funding sources.

(c)  Providers may collect deposits from prospective
members, provided that a feasibility study has been approved by
the Office on Aging and that funds collected are maintained in an
escrow account.

(D)  A FEASIBILITY STUDY MAY BE APPROVED BY THE OFFICE ON
AGING WHEN IT DETERMINES THAT:

(1) THE NUMBER OF COMPREHENSIVE, DOMICILIARY, OR
EXTENDED CARE BEDS IN THE CONTINUING CARE FACILITY, FOR WHICH
LICENSES ARE REQUIRED BY THE DEPARTMENT OF HEALTH AND MENTAL
HYGIENE, IN THE CONTINUING CARE FACILITY IS NOT INCONSISTENT WITH
THE STATE HEALTH PLAN;

(1) (2) A REASONABLE FINANCIAL PLAN HAS BEEN
DEVELOPED FOR CONSTRUCTING THE PROJECT;

(2) (3) A MARKET FOR THE CONTINUING CARE FACILITY
APPEARS TO EXIST;

(3) (4) THE FEASIBILITY STUDY WAS PREPARED BY A
CERTIFIED PUBLIC ACCOUNTANT OR OTHER RECOGNIZED AUTHORITY; AND

(4) (5) THE ESCROW AGREEMENT AND DEPOSIT AGREEMENT
STATE THAT ALL DEPOSITS WILL BE HELD IN ESCROW UNTIL THE ISSUANCE
OF A FINAL CERTIFICATE OF REGISTRATION.

(E)  A PRELIMINARY CERTIFICATE OF REGISTRATION SHALL BE
ISSUED TO THE PROVIDER BY THE OFFICE ON AGING WHEN:

(1)  THE FEASIBILITY STUDY HAS BEEN APPROVED;

(2)  THE AGREEMENT BETWEEN THE PROVIDER AND THE
SUBSCRIBER MEETS THE REQUIREMENTS OF SECTIONS 13, 14, AND 15 OF
THIS ARTICLE;