(A) An operator shall obtain approval from the department before declaring or distributing a dividend or similar distribution which generates a retained deficit or increases an existing retained deficit.
(B) The department's approval required under subsection (A) must be given within thirty days from the date of the request unless the department determines in writing that the distribution is not reasonable in relation to the operator's or facility's outstanding liabilities or would otherwise affect the financial soundness of the operator or the facility.
HISTORY: 1995 Act No. 19, Section 1.
Structure South Carolina Code of Laws
Title 37 - Consumer Protection Code
Chapter 11 - Licensing And Regulation Of Continuing Care Retirement Communities
Section 37-11-10. Short title.
Section 37-11-20. Definitions.
Section 37-11-30. Licensing of continuing care retirement community.
Section 37-11-35. Continuing care retirement community contracts and agreements.
Section 37-11-40. Determination of financial responsibility of applicant for license.
Section 37-11-50. Preliminary licenses.
Section 37-11-60. Disclosure requirements; retirement community complaint system.
Section 37-11-70. Itemized billing requirements.
Section 37-11-100. Disciplinary actions; sanctions; assessment of costs.
Section 37-11-120. Injunctions; criminal penalties.
Section 37-11-125. Enforcement actions.
Section 37-11-130. Waiver of certain requirements for certain retirement communities.
Section 37-11-135. Exemptions; letter of nonapplicability.