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Ch. 3 2007 Laws of Maryland
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(VI) AN ACTUARIAL FORECAST REVIEWED BY A QUALIFIED
ACTUARY;
(VII) A STATEMENT OF THE PLANNED FEE STRUCTURE, INCLUDING
ANY PROPOSED ESCALATOR OR OTHER AUTOMATIC ADJUSTMENT PROVISION;
(VIII) A DESCRIPTION OF THE FACILITY PROPOSED TO BE USED OR
BEING USED FOR CONTINUING CARE;
(IX) A COPY OF THE PROPOSED ESCROW AND DEPOSIT
AGREEMENTS; AND
(X) THE FORM AND SUBSTANCE OF ANY PROPOSED
ADVERTISEMENT, ADVERTISING CAMPAIGN, OR PROMOTIONAL MATERIAL FOR THE
FACILITY THAT IS AVAILABLE AT THE TIME OF FILING.
(D) APPROVAL OF FEASIBILITY STUDY.
THE DEPARTMENT MAY APPROVE A FEASIBILITY STUDY IF THE DEPARTMENT
DETERMINES THAT:
(1) THE NUMBER OF COMPREHENSIVE CARE OR ASSISTED LIVING BEDS
IN THE FACILITY FOR WHICH LICENSES ARE REQUIRED BY THE DEPARTMENT OF
HEALTH AND MENTAL HYGIENE IS NOT INCONSISTENT WITH THE STATE HEALTH
PLAN;
(2) A REASONABLE FINANCIAL PLAN HAS BEEN SUBMITTED FOR
DEVELOPING AND OPERATING THE PROJECT;
(3) A MARKET FOR THE FACILITY APPEARS TO EXIST;
(4) A RECOGNIZED AUTHORITY PREPARED THE FEASIBILITY STUDY;
(5) THE ACTUARIAL FORECAST SUPPORTS THE PROJECTIONS FOR THE
PROJECT;
(6) THE DEPARTMENT HAS APPROVED THE ESCROW AGREEMENT AND
DEPOSIT AGREEMENT; AND
(7) THE APPROVED ESCROW AGREEMENT IS EXECUTED BY THE
PROVIDER AND THE FINANCIAL INSTITUTION.
REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 70B, § 10(a), (b), and (d).
Defined terms: "Continuing care" § 10-401
"Conversion" § 10-401
"Department" § 10-101
"Deposit" § 10-101
"Facility" § 10-401
"Person" § 10-401
"Provider" § 10-401
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- 432 -
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