(a) (1) Each year, within 120 days after the end of a provider’s fiscal year, the provider shall file an application for a renewal certificate of registration in a form satisfactory to the Department.

(2) A renewal application shall contain:

(i) any additions or changes to the information required by §§ 10-408 through 10-410 of this subtitle;

(ii) an audited financial statement for the preceding fiscal year prepared in accordance with an audit guide that the Department adopts;

(iii) an operating budget for the current fiscal year and a projected operating budget for the next fiscal year;

(iv) a cash flow projection for the current fiscal year and the next 2 fiscal years;

(v) a projection of the life expectancy and the number of residents who will require nursing home care;

(vi) an actuarial study reviewed by a qualified actuary and submitted every 3 years, unless the provider is exempted from the requirement for an actuarial study by regulations adopted by the Department exempting categories of providers that the Department determines have substantially limited long-term care liability exposure;

(vii) the form and substance of any proposed advertisement, advertising campaign, or other promotional material not previously submitted to the Department; and

(viii) any further information that the Department requires.

(b) (1) The Department may charge a late fee if the application and accompanying information are not received by the Department within 120 days after the end of the provider’s fiscal year.

(2) Failure to file the required information within 90 days after the due date is a violation of this subtitle.

(c) The Department shall issue a renewal certificate of registration if the Department determines that:

(1) the required documents have been filed;

(2) any revised continuing care agreements meet the requirements of this subtitle;

(3) if the provider has been found to be in financial difficulty, the provider has complied with Part VII of this subtitle;

(4) when appropriate, the facility has been licensed or certified by the Maryland Department of Health or the Department; and

(5) the form and substance of all advertisements, advertising campaigns, and other promotional materials submitted to the Department are not deceptive, misleading, or likely to mislead.