Sec. 29.
(1) The department may extend the term of an existing registration for a continuing care community for not more than 3 fiscal years if the department determines that all of the following requirements are met:
(a) The continuing care community was registered under this act during the immediately preceding 5 fiscal years.
(b) The continuing care community meets all of the following financial requirements:
(i) Has not committed a material default in the payment of principal or interest on its indebtedness during the immediately preceding 3 years.
(ii) Has had income or revenues in excess of its expenses in each of the immediately preceding 3 years.
(iii) Has a ratio of current assets to current liabilities of not less than 1:1.
(iv) Has reserves or funds designated for the payment of its indebtedness in an amount equal to or greater than 1 year's debt service.
(c) The continuing care community or any person with joint and several liability is not the subject of any action under sections 55 to 63.
(2) Notwithstanding the grant of an extension of its registration, a continuing care community shall annually submit to the department the registration renewal fees specified in section 31 and annual and semiannual financial statements under section 41. A registered continuing care community shall do all of the following:
(a) Submit the fees specified in section 31.
(b) Submit financial statements for that fiscal year that comply with section 41.
History: 2014, Act 448, Eff. Apr. 2, 2015
Last modified: October 10, 2016