Michigan Laws 554.907 – Definitions; M to O
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Terms Used In Michigan Laws 554.907
- Amortized component of an entrance fee: means the portion of an entrance fee that is amortizable to reflect the cost of continuing care, multiplied by 1. See Michigan Laws 554.903
- community: means a retirement community in which a person undertakes to provide or arrange for continuing care and which is 1 or more of the following:
(i) An adult foster care facility. See Michigan Laws 554.903Continuing care: means some or all of the following services:
(i) A living unit. See Michigan Laws 554.903Continuing care agreement: means a written agreement, including a long-term lease or an agreement conferring a life interest, between a member and a continuing care community for continuing care upon payment of an entrance fee. See Michigan Laws 554.903 Department: means the department of licensing and regulatory affairs. See Michigan Laws 554.905 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. See Michigan Laws 554.905 Member: means an individual who enters into a continuing care agreement with a continuing care community. See Michigan Laws 554.907
As used in this act:
(a) “Member” means an individual who enters into a continuing care agreement with a continuing care community.
(b) “Monthly service fee” means a monthly charge to a member for continuing care and not as rent, or a daily prorated portion thereof.
(c) “Nonrefundable portion of the entrance fee” means the amortized component of an entrance fee and any other component of an entrance fee that is not refundable upon termination of the member under the terms and conditions of a continuing care agreement.
(d) “Offer of a continuing care agreement” includes an attempt to offer to sell, or a solicitation of an offer to enter into, a continuing care agreement.
(e) “Order” means a consent, authorization, approval, prohibition, or requirement applicable to a specific case issued by the department.