Title Minnesota Statutes, Minnesota Statutes

80D.05 ENTRANCE FEE ESCROW. § Subdivision 1.Escrow account; release of fees. Prior to soliciting or entering into any contract for the provision of continuing care, the provider shall establish with a bank or trust company having its principal place of business in this state, as …

80D.06 RESERVE FUND ESCROW. § Subdivision 1.Escrow account; release of funds. At the time a facility is first occupied by any resident and thereafter, the provider shall establish and maintain on a current basis, in escrow with a bank or trust company having its principal place o…

80D.07 ENTRANCE FEE REIMBURSEMENT AFTER OCCUPANCY. Any resident may terminate the residency agreement at any time after assuming residency. A residency agreement may not require more than 120 days' written notice by any resident desiring to terminate; nor require any additional f…

80D.08 LIEN ON BEHALF OF RESIDENTS. Effective at the time a facility is first occupied by any resident, there shall exist a lien on the real and personal property of the provider or facility to secure the obligations of the provider pursuant to existing and future contracts for c…

80D.09 REVISED DISCLOSURE. Annually within 120 days following the end of the provider's fiscal year, the provider shall file with the county recorder of the county in which the facility is or will be located a revised disclosure statement setting forth, as of the end of the fisca…

80D.11 REHABILITATION OR LIQUIDATION. § Subdivision 1.Appointment of trustees. If (a) a portion of a reserve fund escrow required under section 80D.06 has been or is proposed to be released, or (b) a provider has been or will be unable, in a manner as may endanger the ability of …

80D.13 CIVIL LIABILITY. § Subdivision 1.Violations, misstatements, or omissions. Any person who, as or on behalf of a provider, enters into a contract for continuing care at a facility without having first delivered a disclosure statement meeting the requirements of section 80D.0…

80D.16 CRIMINAL PENALTIES. Any person who willfully and knowingly violates any provision of sections 80D.03 to 80D.16 shall upon conviction be fined not more than $20,000 or imprisoned not more than 364 days, or both. Nothing in sections 80D.03 to 80D.16 limits the power of the s…

80D.19 ANNUAL FINANCIAL STATEMENT REQUIRED. A provider shall prepare and distribute an annual financial statement to the residents of a facility. The statement shall be prepared in accordance with generally accepted accounting principles and shall be distributed within four month…

80D.20 RESIDENTS' REVIEW OF BUDGET; MONTHLY STATEMENTS. § Subdivision 1.Formation of association. The residents of a facility may form a residents' association to deal with common interests related to their residency. The association may be organized in any way so long as each re…