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§ 10-499. Receivership

West's Annotated Code of MarylandHuman ServicesEffective: October 1, 2007

West's Annotated Code of Maryland
Human Services (Refs & Annos)
Title 10. Department of Aging (Refs & Annos)
Subtitle 4. Continuing Care (Refs & Annos)
Part IX. Prohibited Acts; Penalties; Remedies (Refs & Annos)
Effective: October 1, 2007
MD Code, Human Services, § 10-499
§ 10-499. Receivership
In general
(a) The Department may use the receivership provisions of Part VIII of this subtitle to protect the interests of subscribers in:
(1) the substantial advance payments subscribers have made in the form of entrance fees and, when applicable, periodic fees, for future continuing care without necessarily having any ownership in or control of the provider or the facility;
(2) the insurance aspects of continuing care agreements, as applicable; and
(3) the continued delivery of services committed to under continuing care agreements.
Petition for appointment of receiver
(b) The Department may petition for the appointment of a receiver:
(1) if there is a threat of immediate closure of a facility;
(2) if the provider is not honoring its contracts with its subscribers;
(3) to prohibit the improper diversion of the provider's assets and records from the facility or the State; or
(4) if the Department has made a determination of a significant risk of financial failure in accordance with §§ 10-467 and 10-469 of this subtitle.
Timing of petition
(c) The Department may petition for the appointment of a receiver before the provider files a plan of correction.
Power of receiver
(d) The receiver may rehabilitate, conserve, or liquidate as provided by the order of appointment and Part VIII of this subtitle.

Credits

Added by Acts 2007, c. 3, § 2, eff. Oct. 1, 2007.
MD Code, Human Services, § 10-499, MD HUMAN SERV § 10-499
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document