Ch. 325                                    LAWS OF MARYLAND

[(viii)] (VI) There is a commitment for
permanent long-term financing.

(2)  THE INITIAL CERTIFICATE OF REGISTRATION MAY BE
ISSUED FOR A PERIOD OF UP TO 18 MONTHS AT THE DISCRETION OF THE
OFFICE.

[(2) When requested by a construction lender, the
Office may issue a letter stating that:

(i) All requirements of paragraph (1) of this
subsection except subparagraph (vii) have been met; and

(ii) On closing of the construction loan the
certificate of registration shall be issued.

(3)  When the Office has determined that the
requirements of paragraph (1) of this subsection have been met,
the Office shall issue a final certificate of registration to the
applicant. If the application is disapproved, the Office shall
set forth its reasons for denial in writing.]

[(4)] (C) [Once a final] A DEPOSIT HELD IN ESCROW MAY
NOT BE USED UNTIL A certificate of registration has been issued,
construction is completed, [and] the provider has been issued a
certificate of occupancy, or the equivalent, by the appropriate
local jurisdiction, [the deposits held in escrow may be used] AND
THE PROVIDER HAS BEEN ISSUED APPROPRIATE LICENSES OR CERTIFICATES
BY THE DEPARTMENT OF HEALTH AND MENTAL HYGIENE OR BY THE OFFICE.

(D)  IF A CERTIFICATE OF REGISTRATION IS NOT ISSUED WITHIN
24 MONTHS OF THE ISSUANCE OF A PRELIMINARY CERTIFICATE OF
REGISTRATION OR LONGER TIME AS IS ALLOWED BY THE OFFICE FOR GOOD
CAUSE SHOWN, THE PROVIDER SHALL REFUND ALL DEPOSITS AND CEASE IN
ITS ATTEMPTS TO OFFER CONTINUING CARE AT THE LOCATION SPECIFIED
IN THE APPLICATION.

(E)  ANNUALLY, WITHIN 120 DAYS AFTER THE END OF THE FISCAL
YEAR, THE PROVIDER SHALL FILE AN APPLICATION FOR A RENEWAL
CERTIFICATE IN A FORM SATISFACTORY TO THE OFFICE WHICH SHALL
CONTAIN THE FOLLOWING INFORMATION:

(1) ANY ADDITIONS OR CHANGES TO THE INFORMATION
REQUIRED BY § 10 OF THIS ARTICLE;

(2) A CERTIFIED FINANCIAL STATEMENT FOR THE PRECEDING
FISCAL YEAR PREPARED IN ACCORDANCE WITH AN AUDIT GUIDE ADOPTED BY
THE OFFICE;

(3) A CASH BASIS OPERATION BUDGET FOR THE CURRENT
FISCAL YEAR, AND A PROJECTED CASH BASIS OPERATING BUDGET FOR THE
NEXT SUCCEEDING FISCAL YEAR;

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