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2007 Laws of Maryland
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Ch.3
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INCREASE THE NUMBER OF INDEPENDENT OR ASSISTED LIVING UNITS AND FOR
WHICH THE TOTAL PROJECTED COST EXCEEDS THE SUM OF:
(I) 20% 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
(II) THE AMOUNT OF EXISTING RESERVES PROPERLY ALLOCABLE
TO, AND ALLOCATED FOR THE RENOVATION.
(2) "RENOVATION" DOES NOT INCLUDE NORMAL REPAIR OR
MAINTENANCE.
REVISOR'S NOTE: This subsection is new language derived without
substantive change from former Art. 70B, § 7(y).
Defined terms: "Certified financial statement" § 10-401
"Facility" § 10-401
(V) SUBSCRIBER
"SUBSCRIBER" MEANS AN INDIVIDUAL FOR WHOM A CONTINUING CARE
AGREEMENT IS PURCHASED.
REVISOR'S NOTE: This subsection formerly was Art. 70B, § 7(bb).
No changes are made.
Defined term: "Continuing care agreement" § 10-401
(W) SURCHARGE.
(1) "SURCHARGE" MEANS A SEPARATE AND ADDITIONAL CHARGE THAT:
(I) IS IMPOSED SIMULTANEOUSLY WITH THE ENTRANCE FEE; AND
(II) MAY BE REQUIRED OF SOME, BUT NOT ALL, SUBSCRIBERS
BECAUSE OF A CONDITION OR CIRCUMSTANCE THAT APPLIES ONLY TO THOSE
SUBSCRIBERS.
(2) "SURCHARGE" DOES NOT INCLUDE A SECOND PERSON ENTRANCE
FEE.
REVISOR'S NOTE: This subsection is new language derived without
substantive change from former Art. 70B, § 7(cc).
Defined terms: "Entrance fee" § 10-101
"Person" §§ 1-101, 10-401
"Subscriber" § 10-401
10-402. APPLICATION OF SUBTITLE AND OTHER LAWS.
(A) APPLICATION OF SUBTITLE.
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