Maryland Code, HUMAN SERVICES 10-410
Terms Used In Maryland Code, HUMAN SERVICES 10-410
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(1) the Department has approved the provider’s feasibility study; and
(2) funds collected are maintained in an escrow account.
(b) Each deposit agreement shall comply with the requirements of subsection (c) or (d) of this section.
(c) If a deposit agreement is used for a deposit on a unit for which the provider has not received written approval to withdraw deposits, the deposit agreement shall:
(1) state that all deposits and entrance fees will be held in escrow until:
(i) an initial certificate of registration for the unit is issued;
(ii) construction is completed;
(iii) a certificate of occupancy, or its equivalent, is issued by the local jurisdiction; and
(iv) the provider has the appropriate licenses or certificates from the Maryland Department of Health, the Maryland Health Care Commission, and the Department;
(2) describe the disposition of any interest earned on deposits and entrance fees;
(3) state the amount of any processing fee and whether it will be refunded if the deposit agreement is canceled; and
(4) describe the disposition of the deposit if the deposit agreement is canceled before the continuing care agreement is executed.
(d) If a deposit agreement is used for a deposit on a unit for which the provider has received written approval to withdraw deposits, the deposit agreement shall:
(1) state that the provider may use all deposits and entrance fees at any time; or
(2) describe any applicable limitations on the use of deposits and entrance fees.