MCL - Act 448 of 2014


Act 448 of 2014

AN ACT to regulate the offer and sale of life interests and long-term leases in retirement communities that provide certain services and are independent living units, nursing homes, homes for the aged, adult foster care facilities, home care service agencies, hospices, or places that provide care for certain periods; to prohibit fraudulent practices in relation to the offer and sale of those life interests and long-term leases; to provide for the powers and duties of certain state governmental agencies; to provide for penalties and remedies; to prescribe penalties and civil sanctions; and to repeal acts and parts of acts.

History: 2014, Act 448, Eff. Apr. 2, 2015

The People of the State of Michigan enact:
Document Type Description
Section 554.901 Section Short title.
Section 554.903 Section Definitions; A to C.
Section 554.905 Section Definitions; D to L.
Section 554.907 Section Definitions; M to O.
Section 554.909 Section Definitions; P to R.
Section 554.911 Section Definitions; S.
Section 554.913 Section Continuing care community; organization and operation; purpose; member to service in advisory capacity.
Section 554.915 Section Continuing care agreement; registration or exemption required; applicability to written or oral arrangements; offer or sale; conditions; circumstances.
Section 554.917 Section Rules; exemption; variance; area not considered home for the aged or adult foster care facility; relationship not subject to laws between landlord and tenant.
Section 554.919 Section Initial registration; submission of information; missing or unreliable information; cost of investigation; deposit of payment; registration of 2 or more retirement communities as single continuing care community; consideration of opinions, appraisals, and reports of experts; electronic transmission of application and fee.
Section 554.921 Section Incomplete application; notification; order approving or denying registration.
Section 554.923 Section Effect of order approving or filing registration.
Section 554.925 Section Renewal of registration; application form to be sent by department.
Section 554.927 Section Application for registration renewal; processing; failure to submit application or fee; continuation of current registration; failure to file renewal application.
Section 554.929 Section Extension of registration; requirements; fees.
Section 554.931 Section Fees; continuing care administration fund; creation; disposition; investment; money remaining at close of fiscal year; expenditures.
Section 554.933 Section Reportable changes; amendment of registration.
Section 554.935 Section Delivery of continuing care agreements, emergency plan, and disclosure statement; availability of feasibility study.
Section 554.937 Section Disclosure statement.
Section 554.939 Section Continuing care agreement; requirements.
Section 554.941 Section Financial statements; requirements.
Section 554.943 Section Financial forecast.
Section 554.945 Section Funds to be held in trust account; deposit with escrow agent; conditions; temporary suspension order; return of escrowed funds; escrow agreement and account; requirements; release of funds.
Section 554.947 Section Alternative financial arrangement.
Section 554.949 Section Records; reports.
Section 554.951 Section Advertising or marketing communication.
Section 554.955 Section Offer or sale of continuing care agreement; prohibited acts.
Section 554.957 Section Appointment of independent conservator or guardian.
Section 554.959 Section Arbitration.
Section 554.961 Section Service of process; irrevocable consent appointing department.
Section 554.963 Section Investigations.
Section 554.965 Section Review and audit of documents and records.
Section 554.967 Section Repayment of entrance fee; temporary suspension.
Section 554.969 Section Order denying, suspending, or revoking registration.
Section 554.971 Section Cease and desist order.
Section 554.973 Section Injunction, restraining order, or writ of mandamus.
Section 554.975 Section Civil fine; costs; sanctions; continuing care agreement as voidable; refund.
Section 554.977 Section Liability; offer of rescission.
Section 554.979 Section Liability by implication; liability under other statute or common law.
Section 554.981 Section Person materially aiding in act or transaction constituting violation; joint and several liability.
Section 554.983 Section Statute of limitations.
Section 554.985 Section Violation as felony; penalty; seizure and forfeiture of proceeds or instrumentality of crime.
Section 554.987 Section Promulgation of rules.
Section 554.989 Section Disclosure of filings; exemption; confidentiality of social security numbers.
Section 554.991 Section Life interest or long-term lease agreement under former act.
Section 554.993 Section Facility or person registered or exempt under former act.