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Ch. 150
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2002 LAWS OF MARYLAND
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(i) The end of the tenth full fiscal year after the fiscal year in
which the provider may obtain, under § 11(c) of this subtitle, the use of funds held in
escrow; or
(ii) The date on which the binding agreement with a financial
institution expires.]
[(i)] (H) For any facility in which some residents are not parties to continuing
care agreements, the provider shall compute the amount of the operating reserve
requirement based on the portion of the net operating expenses which bears the same
ratio to the total net operating expense as the number of units certified by the
Department bears to the total number of living units.
11C.
(a) (1) The provider shall furnish without cost to all prospective subscribers,
before payment of any part of the entrance fee or, if earlier, the execution of a
continuing care agreement, and annually to all subscribers on request, a disclosure
statement for each facility of the provider holding a preliminary certificate of
registration or a certificate of registration.
(2) The provider shall submit its initial disclosure statement to the
Department for review at least 45 days before distributing the statement to any
prospective subscribers.
(b) (1) The provider shall revise the disclosure statement annually and file
the disclosure statement with the Department within 120 days after the end of the
provider's fiscal year.
(2) The Department shall review the disclosure statement solely to
ensure compliance with this section.
(c) The disclosure statement shall include:
(1) The name, address, and description of the facility and the name and
address of any parent or subsidiary person;
(2) The organizational structure and management of the provider,
including:
(i) If the provider is a corporation or limited liability company, the
name of the corporation or limited liability company, the state in which the
corporation is incorporated or the limited liability company is formed, and the name
of the chief executive officer;
(ii) If the provider is a partnership, the names of the general
partners, the state governing the formation of the partnership, and the name of the
primary individual responsible for managing the partnership;
(iii) If the provider is an unincorporated association, the names of
the members, the state governing the association's activities, and the name of the
primary individual responsible for managing the association;
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- 1494 -
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