Michigan Laws 554.915 – Continuing care agreement; registration or exemption required; applicability to written or oral arrangements; offer or sale; conditions; circumstances
Current as of: 2024 | Check for updates
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Terms Used In Michigan Laws 554.915
- community: means a retirement community in which a person undertakes to provide or arrange for continuing care and which is 1 or more of the following:
(i) An adult foster care facility. See Michigan Laws 554.903Continuing care: means some or all of the following services:
(i) A living unit. See Michigan Laws 554.903Continuing care agreement: means a written agreement, including a long-term lease or an agreement conferring a life interest, between a member and a continuing care community for continuing care upon payment of an entrance fee. See Michigan Laws 554.903 Member: means an individual who enters into a continuing care agreement with a continuing care community. See Michigan Laws 554.907 Offer of a continuing care agreement: includes an attempt to offer to sell, or a solicitation of an offer to enter into, a continuing care agreement. See Michigan Laws 554.907 Person: means an individual, partnership, corporation, association, governmental entity, or other legal entity. See Michigan Laws 554.909 Sale of a continuing care agreement: means the execution of a continuing care agreement. See Michigan Laws 554.911 state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(1) Subject to subsections (3) and (4), a person shall not offer to enter into or enter into a continuing care agreement unless the person is registered or exempt from registration under this act.
(2) Subject to subsections (3) and (4), this act applies to all written or oral arrangements between a continuing care community and a member or prospective member in connection with the offer or the sale of a continuing care agreement.
(3) An offer or sale of a continuing care agreement is subject to this act if any of the following apply:
(a) Subject to subsection (4), the offer is made or accepted in this state.
(b) The continuing care community is or will be operated in this state.
(c) The offer originates from this state and is received at the place to which the offer is directed.
(d) The offer is directed by the offeror to this state and is received in this state.
(4) An offer of a continuing care agreement shall not be considered to be made in this state solely because of 1 or more of the following circumstances:
(a) Circulation in this state, by or on behalf of a publisher, of a bona fide newspaper, electronic media, or other publication of general, regular, and paid circulation that has had more than 2/3 of its circulation outside this state during the past 12 months.
(b) Reception in this state of a radio or television program originating outside this state.