The Commission may act as authorized by § 38.2-4931 to protect residents, prospective residents, participants, or prospective participants when the Commission determines that:
1. A provider has been or will be unable to meet the pro forma income or cash flow projections previously filed by the provider and such failure may endanger the ability of the provider to perform fully its obligation pursuant to its continuing care contracts or community-based continuing care contracts; or
2. A provider is bankrupt, insolvent, under reorganization pursuant to federal bankruptcy laws, or in imminent danger of becoming bankrupt or insolvent.
2012, cc. 208, 303.
Structure Code of Virginia
Chapter 49 - Continuing Care Providers and Community-Based Continuing Care Providers
§ 38.2-4902. Disclosure statement
§ 38.2-4903. Availability of disclosure statement to prospective residents
§ 38.2-4904. Annual disclosure statements
§ 38.2-4904.1. Escrow of entrance fee to continuing care providers and others
§ 38.2-4905. Resident's contract
§ 38.2-4910. Right of organization
§ 38.2-4917. Certain providers exempted
§ 38.2-4921. Annual community-based continuing care disclosure statements
§ 38.2-4922. Escrow of entrance fee to community-based continuing care providers and others
§ 38.2-4923. Participant's contract
§ 38.2-4924. Sale or transfer of ownership or change in management
§ 38.2-4925. Financial instability
§ 38.2-4927. Untrue, deceptive, or misleading advertising
§ 38.2-4930. Investigations and subpoenas