WILLIAM DONALD SCHAEFER, Governor                   Ch. 325

(1)  VERIFICATION THAT SUBSCRIBERS' CONTINUING CARE
AGREEMENTS HAVE BEEN EXECUTED FOR AT LEAST 6 5 PERCENT OF THE
INDEPENDENT LIVING UNITS AND AT LEAST 10 PERCENT OF THE TOTAL
ENTRANCE FEE FOR EACH CONTRACTED UNIT HAS BEEN COLLECTED;

(2)  VERIFICATION THAT THE APPLICANT HAS RECEIVED A
WRITTEN COMMITMENT FOR PERMANENT LONG-TERM FINANCING; FINANCING,
AND WHEN REQUESTED BY THE PERMANENT FINANCING LENDER, THE OFFICE
MAY ISSUE A LETTER STATING THAT ALL REQUIREMENTS OF PARAGRAPH (1)
OF THIS SUBSECTION HAVE BEEN MET; AND

(3)  VERIFICATION THAT APPLICATION FOR CONSTRUCTION
FINANCING HAS TAKEN PLACE. WHEN REQUESTED BY A CONSTRUCTION
LENDER, THE OFFICE MAY ISSUE A LETTER STATING THAT ALL
REQUIREMENTS OF PARAGRAPHS (1) AND (2) OF THIS SUBSECTION HAVE
BEEN MET AND ON CLOSING OF THE CONSTRUCTION LOAN THE CERTIFICATE
OF REGISTRATION SHALL BE ISSUED.

(B) (1) A CERTIFICATE OF REGISTRATION SHALL BE ISSUED BY
THE OFFICE WHEN IT DETERMINES THAT:

[(d) (1) Upon receipt of an application, the Office shall
review the application and determine if:]

(I) THE APPLICANT HAS BEEN ISSUED A PRELIMINARY
CERTIFICATE OF REGISTRATION;

[(i)] (II) The documents required have been
filed;

[(ii) The proposed continuing care contracts
meet the requirements of this subtitle;

(iii) When    appropriate, the provider has been

licensed or certified by the     Department of Health and Mental

Hygiene, the Health Resources   Planning Commission, and the Office
on Aging;]

[(iv)] (III) The advertising materials and
circulars filed are not deceptive, misleading, or likely to
mislead;

[(v) The applicant has been issued a
preliminary certificate of registration;]

[(vi)] (IV) At least 65 percent of the
[available] INDEPENDENT LIVING units have been contracted for
with a minimum 10 percent of the entrance fee paid as a deposit
for each contracted unit;

[(vii)] (V) Closing on construction financing
has taken place; and

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