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Martin O'Malley, Governor
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Ch.3
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10-410. DEPOSITS.
(A) COLLECTION OF DEPOSITS.
A PROVIDER MAY COLLECT DEPOSITS FROM PROSPECTIVE SUBSCRIBERS IF:
(1) THE DEPARTMENT HAS APPROVED THE PROVIDER'S FEASIBILITY
STUDY; AND
(2) FUNDS COLLECTED ARE MAINTAINED EM AN ESCROW ACCOUNT.
(B) DEPOSIT AGREEMENTS.
EACH DEPOSIT AGREEMENT SHALL COMPLY WITH THE REQUIREMENTS OF
SUBSECTION (C) OR (D) OF THIS SECTION.
(C) REQUIREMENTS FOR DEPOSIT AGREEMENTS — WITHOUT APPROVAL TO
WITHDRAW DEPOSITS.
IF A DEPOSIT AGREEMENT IS USED FOR A DEPOSIT ON A UNIT FOR WHICH THE
PROVIDER HAS NOT RECEIVED WRITTEN APPROVAL TO WITHDRAW DEPOSITS, THE
DEPOSIT AGREEMENT SHALL:
(1) STATE THAT ALL DEPOSITS AND ENTRANCE FEES WILL BE HELD IN
ESCROW UNTIL:
(I) AN INITIAL CERTIFICATE OF REGISTRATION FOR THE UNIT IS
ISSUED;
(II) CONSTRUCTION IS COMPLETED;
(III) A CERTIFICATE OF OCCUPANCY, OR ITS EQUIVALENT, IS
ISSUED BY THE LOCAL JURISDICTION; AND
(IV) THE PROVIDER HAS THE APPROPRIATE LICENSES OR
CERTIFICATES FROM THE DEPARTMENT OF HEALTH AND MENTAL HYGIENE, THE
MARYLAND HEALTH CARE COMMISSION, AND THE DEPARTMENT;
(2) DESCRIBE THE DISPOSITION OF ANY INTEREST EARNED ON
DEPOSITS AND ENTRANCE FEES;
(3) STATE THE AMOUNT OF ANY PROCESSING FEE AND WHETHER IT
WILL BE REFUNDED IF THE DEPOSIT AGREEMENT IS CANCELED; AND
(4) DESCRIBE THE DISPOSITION OF THE DEPOSIT IF THE DEPOSIT
AGREEMENT IS CANCELED BEFORE THE CONTINUING CARE AGREEMENT IS
EXECUTED.
(D) REQUIREMENTS FOR DEPOSIT AGREEMENTS — WITH APPROVAL TO
WITHDRAW DEPOSITS.
IF A DEPOSIT AGREEMENT IS USED FOR A DEPOSIT ON A UNIT FOR WHICH THE
PROVIDER HAS RECEIVED WRITTEN APPROVAL TO WITHDRAW DEPOSITS, THE
DEPOSIT AGREEMENT SHALL:
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- 433 -
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