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2007 Laws of Maryland
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Ch.3
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Defined terms: "Continuing care agreement" § 10-401
"Entrance fee" § 10-401
"Subscriber" § 10-401
(I) CONVERSION.
"CONVERSION" MEANS CONVERTING A PHYSICAL PLANT THAT PROVIDES
HOUSING OR SHELTER INTO A FACILITY IF:
(1) THE RESIDENTIAL ACCOMMODATIONS EXIST BEFORE A STATEMENT
OF INTENT IS FILED UNDER § 10-409(B) OF THIS SUBTITLE; AND
(2) AT LEAST 60% OF THE AVAILABLE RESIDENTIAL ACCOMMODATIONS
OF THE FACILITY OWNER WERE OCCUPIED DURING THE TWO FISCAL YEARS PRIOR
TO THE FILING OF A STATEMENT OF INTENT.
REVISOR'S NOTE: This subsection is new language derived without
substantive change from former Art. 70B, § 7(f-1).
In the introductory language of this subsection, the reference to a "physical
plant" is substituted for the former reference to a "facility" to avoid
confusion with the defined term "facility".
Also in the introductory language of this subsection, the former phrase
"the process of taking" is deleted for brevity.
Also in the introductory language of this subsection, the former reference
to a "continuing care" facility is deleted as surplusage.
In item (2) of this subsection, the reference to "the filing of a statement of
intent" is added for clarity.
Defined term: "Facility" § 10-401
(J) DEPOSIT.
"DEPOSIT" MEANS A PORTION OF AN ENTRANCE FEE.
REVISOR'S NOTE: This subsection formerly was Art. 70B, § 7(i).
No changes are made.
Defined term: "Entrance fee" § 10-401
(K) ENTRANCE FEE.
(1) "ENTRANCE FEE" MEANS A SUM OF MONEY OR OTHER
CONSIDERATION PAID INITIALLY OR IN DEFERRED PAYMENTS, THAT:
(I) ASSURES A SUBSCRIBER CONTINUING CARE FOR THE LIFE OF
THE SUBSCRIBER OR FOR A PERIOD EXCEEDING 1 YEAR; AND
(II) IS AT LEAST THREE TIMES THE WEIGHTED AVERAGE OF THE
MONTHLY COST OF THE PERIODIC FEES CHARGED FOR INDEPENDENT LIVING AND
ASSISTED LIVING UNITS.
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- 422 -
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