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Michigan Compiled Laws, Chapter 554. Real and Personal Property § 554.929

Current as of January 01, 2025 | Updated by Findlaw Staff

Sec. 29. (1) The department may extend the term of an existing registration for a continuing care community for not more than 3 fiscal years if the department determines that all of the following requirements are met:

(a) The continuing care community was registered under this act during the immediately preceding 5 fiscal years.

(b) The continuing care community meets all of the following financial requirements:

(i) Has not committed a material default in the payment of principal or interest on its indebtedness during the immediately preceding 3 years.

(ii) Has had income or revenues in excess of its expenses in each of the immediately preceding 3 years.

(iii) Has a ratio of current assets to current liabilities of not less than 1:1.

(iv) Has reserves or funds designated for the payment of its indebtedness in an amount equal to or greater than 1 year's debt service.

(c) The continuing care community or any person with joint and several liability is not the subject of any action under sections 55 to 63.  1

(2) Notwithstanding the grant of an extension of its registration, a continuing care community shall annually submit to the department the registration renewal fees specified in section 31  2 and annual and semiannual financial statements under section 41.  3 A registered continuing care community shall do all of the following:

(a) Submit the fees specified in section 31.

(b) Submit financial statements for that fiscal year that comply with section 41.

1 M.C.L.A. §§ 554.955 to 554.963.
2 M.C.L.A. § 554.931.
3 M.C.L.A. § 554.941.
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Cite this article: FindLaw.com - Michigan Compiled Laws, Chapter 554. Real and Personal Property § 554.929 - last updated January 01, 2025 | https://codes.findlaw.com/mi/chapter-554-real-and-personal-property/mi-comp-laws-554-929/

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