Section 10-424 - Disclosure statements - In general.
§ 10-424. Disclosure statements - In general.
(a) Required.-
(1) A provider shall give without cost a disclosure statement for each facility for which the provider holds a preliminary, initial, or renewal certificate of registration:
(i) to a prospective subscriber before the earlier of payment of any part of the entrance fee or execution of a continuing care agreement; and
(ii) annually to any subscriber who requests a disclosure statement.
(2) A provider shall submit its initial disclosure statement to the Department for review at least 45 days before giving the statement to any prospective subscriber.
(b) Annual revisions.-
(1) A provider shall revise the disclosure statement annually and file it with the Department within 120 days after the end of the provider's fiscal year.
(2) The Department shall review the disclosure statement solely to ensure compliance with § 10-425 of this subtitle.
(c) Amended statements.-
(1) An amended disclosure statement is subject to each requirement of this subtitle.
(2) A provider shall file an amended disclosure statement with the Department when it is delivered to a subscriber or prospective subscriber.
[An. Code 1957, art. 70B, § 11C(a), (b), (e); 2007, ch. 3, § 2.]