As used in this act:

  (a) “Department” means the department of licensing and regulatory affairs.

  (b) “Disclosure statement” means a disclosure statement as required under section 19(1)(c) or that may be required by the department under section 25, as applicable.

  (c) “Entrance fee” means money paid in a lump sum or installments or property transferred pursuant to a continuing care agreement before initiation of continuing care for 1 or more individuals and that confers the right to the continuing care.

  (d) “Executive officer” means an individual holding executive power in an organization and generally responsible for the day-to-day operations of the organization, such as a chief executive officer, chief financial officer, or chief operating officer.

  (e) “Initiation of continuing care” means the commencement of a member‘s right to possess a living unit in a continuing care community or the commencement of the actual provision of continuing care, whichever occurs first.

  (f) “Life interest” means the right, upon payment of an entrance fee, to receive continuing care for life.

  (g) “Living unit” means a physical space within a continuing care community set aside for the exclusive use or control of 1 or more specific members.

  (h) “Long-term lease” means an agreement between a member and a continuing care community whereby the member has the right to occupy a space for more than 1 year but not for the life of the member.