ARTICLE 3. Deposit Subscription Period [1780. - 1785.]
Article 3 added by Stats. 1990, Ch. 875, Sec. 2.
§§ 1780–1785 · 15 sections
- § 1780 The department shall issue a permit to accept deposits when it has done all of the following: (a) Determined that the application is adequate. (b) Determined…
- § 1780.2 (a) A deposit may be paid in one or several payments, at or after the time the parties enter into the deposit agreement. A deposit shall be paid by cash or…
- § 1780.4 (a) All deposit agreements between the applicant and the depositor shall be in writing and shall contain all information required by this section. (b) All…
- § 1781 (a) All deposits, excluding processing fees, shall be placed in an escrow account. All terms governing the deposit escrow account shall be approved in advance…
- § 1781.2 (a) All deposits shall be delivered to the escrow agent and deposited into the deposit escrow account within five business days after receipt by the applicant.…
- § 1781.4 The deposit escrow account agreement between the applicant and the escrow agent shall include all of the following: (a) The amount of the processing fee. (b) A…
- § 1781.6 All changes to a deposit agreement or deposit escrow account agreement form shall be submitted to, and approved by, the department before use by the applicant.
- § 1781.8 (a) Deposits held in escrow shall be placed in an interest bearing account or invested as provided under subdivision (e) of Section 1781. (b) Interest, income,…
- § 1781.10 No deposit or any other asset held in a deposit escrow account, shall be encumbered or used as collateral for any obligation of the applicant or any other…
- § 1782 (a) An applicant shall not begin construction on any phase of a continuing care retirement community without first obtaining a written acknowledgment from the…
- § 1783 (a) (1) An applicant proposing to convert an existing building to continuing care use shall comply with all the application requirements in Section 1779.4…
- § 1783.2 (a) An escrow agent shall refund to the depositor all amounts required by the depositor’s deposit agreement upon receiving written notice from the applicant…
- § 1783.3 (a) In order to seek a release of escrowed funds, the applicant shall petition in writing to the department and certify to each of the following: (1) The…
- § 1784 (a) If construction of the proposed continuing care retirement community, or applicable phase, has not commenced within 36 months from the date the permit to…
- § 1785 (a) If, at any time prior to issuance of a certificate of authority, the applicant’s average performance over any six-month period does not substantially equal…