Sec. 31.
(1) The fee for filing an application for initial registration of the offer or sale of continuing care agreements or continuing care at home agreements is $250.00. If an application for registration is withdrawn before the effective date of registration or a stop order is issued before that date, the department shall retain the following:
(a) A fee of $25.00 if the initial review has not been commenced.
(b) The full application fee if the review has commenced.
(2) The fee for filing an application for registration renewal is $100.00.
(3) The continuing care administration fund is created within the state treasury. Fees collected by the department under this act shall be deposited into the fund. The state treasurer may receive money or other assets from any source for deposit into the fund. The state treasurer shall direct the investment of the fund. The state treasurer shall credit to the fund interest and earnings from fund investments. Money in the fund at the close of the fiscal year shall remain in the fund and shall not lapse to the general fund. The department shall be the administrator of the fund for auditing purposes.
(4) The department shall expend money from the continuing care administration fund, upon appropriation, only for the purposes of administration and enforcement of this act.
History: 2014, Act 448, Eff. Apr. 2, 2015
Structure Michigan Compiled Laws
Chapter 554 - Real and Personal Property
Act 448 of 2014 - Continuing Care Community Disclosure Act (554.901 - 554.993)
Section 554.901 - Short Title.
Section 554.903 - Definitions; a to C.
Section 554.905 - Definitions; D to L.
Section 554.907 - Definitions; M to O.
Section 554.909 - Definitions; P to R.
Section 554.911 - Definitions; S.
Section 554.921 - Incomplete Application; Notification; Order Approving or Denying Registration.
Section 554.923 - Effect of Order Approving or Filing Registration.
Section 554.925 - Renewal of Registration; Application Form to Be Sent by Department.
Section 554.929 - Extension of Registration; Requirements; Fees.
Section 554.933 - Reportable Changes; Amendment of Registration.
Section 554.937 - Disclosure Statement.
Section 554.939 - Continuing Care Agreement; Requirements.
Section 554.941 - Financial Statements; Requirements.
Section 554.943 - Financial Forecast.
Section 554.947 - Alternative Financial Arrangement.
Section 554.949 - Records; Reports.
Section 554.951 - Advertising or Marketing Communication.
Section 554.955 - Offer or Sale of Continuing Care Agreement; Prohibited Acts.
Section 554.957 - Appointment of Independent Conservator or Guardian.
Section 554.959 - Arbitration.
Section 554.961 - Service of Process; Irrevocable Consent Appointing Department.
Section 554.963 - Investigations.
Section 554.965 - Review and Audit of Documents and Records.
Section 554.967 - Repayment of Entrance Fee; Temporary Suspension.
Section 554.969 - Order Denying, Suspending, or Revoking Registration.
Section 554.971 - Cease and Desist Order.
Section 554.973 - Injunction, Restraining Order, or Writ of Mandamus.
Section 554.975 - Civil Fine; Costs; Sanctions; Continuing Care Agreement as Voidable; Refund.
Section 554.977 - Liability; Offer of Rescission.
Section 554.979 - Liability by Implication; Liability Under Other Statute or Common Law.
Section 554.983 - Statute of Limitations.
Section 554.987 - Promulgation of Rules.
Section 554.989 - Disclosure of Filings; Exemption; Confidentiality of Social Security Numbers.
Section 554.991 - Life Interest or Long-Term Lease Agreement Under Former Act.
Section 554.993 - Facility or Person Registered or Exempt Under Former Act.