Michigan Laws 554.931 – Fees; continuing care administration fund; creation; disposition; investment; money remaining at close of fiscal year; expenditures
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Michigan Laws 554.931
- Administrator: means a person that performs administrative or operational functions within or in connection with the continuing care community. See Michigan Laws 554.903
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Continuing care: means some or all of the following services:
(i) A living unit. See Michigan Laws 554.903Continuing care administration fund: means the fund creation in section 31(3). See Michigan Laws 554.903 Continuing care at home: means , upon payment of an entrance fee, providing or arranging for the provision of all of the following at the member's home:
(i) Continuing care. See Michigan Laws 554.903Department: means the department of licensing and regulatory affairs. See Michigan Laws 554.905 Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006. Order: means a consent, authorization, approval, prohibition, or requirement applicable to a specific case issued by the department. See Michigan Laws 554.907 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) The fee for filing an application for initial registration of the offer or sale of continuing care agreements or continuing care at home agreements is $250.00. If an application for registration is withdrawn before the effective date of registration or a stop order is issued before that date, the department shall retain the following:
(a) A fee of $25.00 if the initial review has not been commenced.
(b) The full application fee if the review has commenced.
(2) The fee for filing an application for registration renewal is $100.00.
(3) The continuing care administration fund is created within the state treasury. Fees collected by the department under this act shall be deposited into the fund. The state treasurer may receive money or other assets from any source for deposit into the fund. The state treasurer shall direct the investment of the fund. The state treasurer shall credit to the fund interest and earnings from fund investments. Money in the fund at the close of the fiscal year shall remain in the fund and shall not lapse to the general fund. The department shall be the administrator of the fund for auditing purposes.
(4) The department shall expend money from the continuing care administration fund, upon appropriation, only for the purposes of administration and enforcement of this act.