The bill amends the Continuing Care Community Disclosure Act (2014 PA 448) by updating definitions and clarifying terms used within the legislation. Key changes include the definition of "entrance fee," which now specifies that it refers to a payment greater than four times the amount of a regular periodic charge, and the term "executive officer," which is expanded to include various high-level positions such as chief executive officer, chief financial officer, or chief operating officer. Additionally, the definition of "long-term lease" is refined to indicate that it pertains to agreements allowing occupancy for more than one year but not for the life of the member.

Other definitions are also clarified, such as "initiation of continuing care," which marks the start of a member's right to occupy a living unit or receive care, and "life interest," which denotes the right to receive continuing care for life upon payment of the entrance fee. These amendments aim to enhance the clarity and effectiveness of the law governing continuing care communities in Michigan.

Statutes affected:
House Introduced Bill: 554.905