Maine Revised Statutes Title 24-A Sec. 6207 – Continuing care agreement; condominium
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Pursuant to a continuing care agreement, a subscriber may purchase or may be the beneficiary of a purchase of a condominium as defined in Title 33, section 1601?103, subsection 7. With respect to a continuing care agreement pursuant to which a condominium will be purchased the following provisions are applicable: [PL 1987, c. 482, §1 (NEW).]
1. Copy of declaration; filing. A copy of the declaration prepared pursuant to the Maine Condominium Act, Title 33, chapter 31, along with a copy of any registration statement filed with the United States Securities and Exchange Commission or the Office of Securities, must be filed with the superintendent prior to the sale of any of the condominium units; and
[PL 2001, c. 182, §7 (AMD).]
Terms Used In Maine Revised Statutes Title 24-A Sec. 6207
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Continuing care: means furnishing shelter for the life of the individual or for a period in excess of one year and either health care, supportive services, or both, under an agreement requiring prepayment as defined in subsection 12, whether or not the shelter and services are provided at the same location, to 3 or more older individuals not related by blood or marriage to the providers. See Maine Revised Statutes Title 24-A Sec. 6201
- Continuing care agreement: means the contract or contracts which create the obligation to provide continuing care, including, but not limited to, mutually terminable contracts. See Maine Revised Statutes Title 24-A Sec. 6201
- Subscriber: means a purchaser or beneficiary of a continuing care agreement. See Maine Revised Statutes Title 24-A Sec. 6201
- Superintendent: means the Superintendent of Insurance. See Maine Revised Statutes Title 24-A Sec. 6201
- United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72
2. Bylaws and rules; filing. The bylaws and rules of the unit owners’ association shall be filed with the superintendent for informational purposes.
[PL 1987, c. 482, §1 (NEW).]
Any materials required to be filed with the superintendent pursuant to this chapter and contained in the declaration, public offering statements, bylaws or rules of the unit owners’ association may be submitted in that format to the superintendent. Any disclosure requirements contained in this chapter may be satisfied by the timely delivery of the documents described in this section to the subscriber, supplemented where necessary by any additional information required pursuant to this chapter. [PL 1987, c. 482, §1 (NEW).]
SECTION HISTORY
PL 1987, c. 482, §1 (NEW). PL 2001, c. 182, §7 (AMD).