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Ch.3
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Martin O'Malley, Governor
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(2) "ENTRANCE FEE" INCLUDES A FEE OF SIMILAR FORM AND
APPLICATION, REGARDLESS OF TITLE.
(3) "ENTRANCE FEE" DOES NOT INCLUDE A SURCHARGE.
REVISOR'S NOTE: This subsection is new language derived without
substantive change from former Art. 70B, § 7(j).
Defined terms: "Continuing care" § 10-401
"Subscriber" § 10-401
"Surcharge" § 10-401
(L) EXPANSION.
(1) "EXPANSION" MEANS ANY SINGLE NEW CAPITAL ADDITION TO AN
EXISTING FACILITY THAT MEETS EITHER OF THE FOLLOWING CRITERIA:
(I) IF INDEPENDENT OR ASSISTED LIVING UNITS ARE TO BE
CONSTRUCTED, THE NUMBER OF UNITS TO BE CONSTRUCTED IS LESS THAN OR
EQUAL TO 25% OF THE NUMBER OF EXISTING INDEPENDENT AND ASSISTED LIVING
UNITS; OR
(II) IF INDEPENDENT OR ASSISTED LIVING UNITS ARE NOT TO BE
CONSTRUCTED, THE TOTAL PROJECTED COST EXCEEDS THE SUM OF:
1. 10% OF THE TOTAL OPERATING EXPENSES, LESS
DEPRECIATION, AMORTIZATION, AND INTEREST EXPENSE OF THE FACILITY AS
SHOWN ON THE CERTIFIED FINANCIAL STATEMENT FOR THE MOST RECENT FISCAL
YEAR FOR WHICH A CERTIFIED FINANCIAL STATEMENT IS AVAILABLE; AND
2. THE AMOUNT OF THE EXISTING RESERVES PROPERLY
ALLOCABLE TO, AND ALLOCATED FOR, THE EXPANSION.
(2) "EXPANSION" DOES NOT INCLUDE RENOVATION AND NORMAL
REPAIR AND MAINTENANCE.
REVISOR'S NOTE: This subsection is new language derived without
substantive change from former Art. 70B, § 7(k).
In the introductory language of this subsection, the reference to an
addition to "an existing facility" is added for clarity.
Defined terms: "Certified financial statement" § 10-401
"Facility" § 10-401
(M) FACILITY.
"FACILITY" MEANS A PHYSICAL PLANT IN WHICH CONTINUING CARE IN A
RETIREMENT COMMUNITY IS PROVIDED IN ACCORDANCE WITH THIS SUBTITLE.
REVISOR'S NOTE: This subsection is new language derived without
substantive change from former Art. 70B, § 7(m).
Defined term: "Continuing care in a retirement community" § 10-401
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- 423 -
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