Michigan § 554.955 Offer or sale of continuing care agreement; prohibited acts.

Michigan Statutes

§ 554.955 — Offer or sale of continuing care agreement; prohibited acts.

Michigan § 554.955

Ch. 554REAL AND PERSONAL PROPERTY

Act 448 of 2014CONTINUING CARE COMMUNITY DISCLOSURE ACT (554.901-554.993)

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Bluebook

Mich. Comp. Laws § 554.955 (2026).

Text

CONTINUING CARE COMMUNITY DISCLOSURE ACT (EXCERPT) Act 448 of 2014 554.955 Offer or sale of continuing care agreement; prohibited acts. Sec. 55.

(1)A person shall not, in connection with the offer or sale of a continuing care agreement, directly or indirectly do any of the following:

(a)Employ a device, scheme, or artifice to defraud.

(b)Engage in an act, practice, or course of business which operates or would operate as a fraud or deceit.

(c)Make an untrue statement of a material fact or fail to state a material fact necessary in order to make the statements made not misleading, in the light of the circumstances under which they are made, including an untrue statement of a material fact or failure to state a material fact in any application, notice, or report filed with the department

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CONTINUING CARE COMMUNITY DISCLOSURE ACT (EXCERPT) Act 448 of 2014 554.955 Offer or sale of continuing care agreement; prohibited acts. Sec. 55. (1) A person shall not, in connection with the offer or sale of a continuing care agreement, directly or indirectly do any of the following: (a) Employ a device, scheme, or artifice to defraud. (b) Engage in an act, practice, or course of business which operates or would operate as a fraud or deceit. (c) Make an untrue statement of a material fact or fail to state a material fact necessary in order to make the statements made not misleading, in the light of the circumstances under which they are made, including an untrue statement of a material fact or failure to state a material fact in any application, notice, or report filed with the department under this act. (d) Fail to notify the department of a reportable change as required by section 33. (e) Publish any advertisement or marketing communication that contains false, fraudulent, misleading, or deceptive information. This subdivision does not apply to a person that publishes an advertisement or marketing communication on behalf of a continuing care community and is not affiliated with the continuing care community. (2) Each of the following practices constitutes a false, fraudulent, misleading, or deceptive advertising or marketing communication for purposes of subsection (1)(e): (a) A statement or inference that the purchase of a membership in a continuing care community is a safe investment. (b) A statement or inference that a continuing care community is affiliated with a religious, nonprofit, or proprietary organization if it is not so affiliated. (c) A material misrepresentation of services, care, or amenities, provided or to be provided by a continuing care community.