South Carolina § 37-11-105 Financial plan in case of insolvency or danger of insolvency; penalty for failure to implement approved plan.

South Carolina Statutes

§ 37-11-105 — Financial plan in case of insolvency or danger of insolvency; penalty for failure to implement approved plan.

South Carolina § 37-11-105

Title 37CONSUMER PROTECTION CODE

Ch. 11LICENSING AND REGULATION OF CONTINUING CARE RETIREMENT COMMUNITIES

This text of South Carolina § 37-11-105 (Financial plan in case of insolvency or danger of insolvency; penalty for failure to implement approved plan.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.C. Code Ann. § 37-11-105 (2026).

Text

(A)At any time when the department has reason to believe that the operator is insolvent, is in imminent danger of becoming insolvent, is in a financially unsound or unsafe condition, or that a continuing care retirement community's financial condition is such that it may otherwise be unable to fully perform its obligations pursuant to continuing care contracts, the department in addition to other remedies may require the operator to submit for approval within sixty days a financial plan detailing the method by which the operator proposes to overcome the deficiencies noted by the department. The department shall approve or disapprove the plan within thirty days of the receipt.

(B)If the plan is approved, the operator immediately shall implement the plan.

(C)If the plan is disapproved or

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(A) At any time when the department has reason to believe that the operator is insolvent, is in imminent danger of becoming insolvent, is in a financially unsound or unsafe condition, or that a continuing care retirement community's financial condition is such that it may otherwise be unable to fully perform its obligations pursuant to continuing care contracts, the department in addition to other remedies may require the operator to submit for approval within sixty days a financial plan detailing the method by which the operator proposes to overcome the deficiencies noted by the department. The department shall approve or disapprove the plan within thirty days of the receipt. (B) If the plan is approved, the operator immediately shall implement the plan. (C) If the plan is disapproved or if at any time after approval the department determines that the plan is not being fully implemented, the department may require the operator to obtain new or additional management capability to solve its difficulties. The department must give the reorganized management a reasonable period of time, as determined by the department, to develop a plan which, subject to the approval of the department, will reasonably assure that the operator will meet its responsibilities under the law. The deadlines for action described in this subsection may be extended upon mutual agreement of the operator and the department. (D) Failure to implement the plan may result in suspension or revocation of a license.