Michigan Laws > Chapter 554 > Act 448 of 2014 – Continuing Care Community Disclosure Act
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Terms Used In Michigan Laws > Chapter 554 > Act 448 of 2014 - Continuing Care Community Disclosure Act
- Administrator: means a person that performs administrative or operational functions within or in connection with the continuing care community. See Michigan Laws 554.903
- Advertisement or marketing communication: means any disclosure statement, prospectus, pamphlet, circular, form letter, written or electronic advertisement, social media or other sales literature or advertising communication, including a written, printed, or pictorial communication, or a communication by means of a recorded telephone message or message spoken on the radio, television, or similar communications media, intended for distribution or transmission to prospective members in connection with an offer or sale of a continuing care agreement. See Michigan Laws 554.903
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Amortization: Paying off a loan by regular installments.
- 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
- Applicant: means a continuing care community applying for initial registration under section 19, applying for renewal registration under section 25, or applying to amend a registration under section 33. 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.
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Change in fees: means a change in either the amount or type of fees for continuing care, including entrance fees and monthly service fees, except for any change in fees mandated by a state or federal referral assistance program. See Michigan Laws 554.903
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- 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 554.903Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant. 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 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 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 554.903Conviction: A judgement of guilt against a criminal defendant. Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name. Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries. Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime. Department: means the department of licensing and regulatory affairs. See Michigan Laws 554.905 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. See Michigan Laws 554.905 Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial. Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. Source: OCC 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 Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts Escrow: Money given to a third party to be held for payment until certain conditions are met. Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other. 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. See Michigan Laws 554.905 Executor: A male person named in a will to carry out the decedent 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. Fraud: Intentional deception resulting in injury to another. Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs. in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q 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. See Michigan Laws 554.905 Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury. Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases. Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Lien: A claim against real or personal property in satisfaction of a debt. Life interest: means the right, upon payment of an entrance fee, to receive continuing care for life. See Michigan Laws 554.905 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. See Michigan Laws 554.905 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. 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 month: means a calendar month; the word "year" a calendar year; and the word "year" alone shall be equivalent to the words "year of our Lord". See Michigan Laws 8.3j Monthly service fee: means a monthly charge to a member for continuing care and not as rent, or a daily prorated portion thereof. See Michigan Laws 554.907 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. See Michigan Laws 554.907 Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. 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. See Michigan Laws 554.907 Order: means a consent, authorization, approval, prohibition, or requirement applicable to a specific case issued by the department. See Michigan Laws 554.907 Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses. Person: means an individual, partnership, corporation, association, governmental entity, or other legal entity. See Michigan Laws 554.909 Plaintiff: The person who files the complaint in a civil lawsuit. Publish: means to publicly issue or circulate by newspaper, mail, radio, television, or electronic means or otherwise to disseminate to the public. See Michigan Laws 554.909 Registrant: means a continuing care community registered under this act. See Michigan Laws 554.909 Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation. Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action. Sale of a continuing care agreement: means the execution of a continuing care agreement. See Michigan Laws 554.911 Service of process: The service of writs or summonses to the appropriate party. 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 Statute: A law passed by a legislature. Subpoena: A command to a witness to appear and give testimony. Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC Trustee: A person or institution holding and administering property in trust. Writ: A formal written command, issued from the court, requiring the performance of a specific act.