Maryland § 10-410
Full text of Maryland Maryland Code § 10-410, with citation guidance and answers to common questions.
§ 10-410.
(a) A provider may collect deposits from prospective subscribers if:
(1) the Department has approved the provider’s feasibility study; and
(2) funds collected are maintained in an escrow account.
(b) Each deposit agreement shall comply with the requirements of subsection (c) or (d) of this section.
(c) If a deposit agreement is used for a deposit on a unit for which the provider has not received written approval to withdraw deposits, the deposit agreement shall:
(1) state that all deposits and entrance fees will be held in escrow until:
(i) an initial certificate of registration for the unit is issued;
(ii) construction is completed;
(iii) a certificate of occupancy, or its equivalent, is issued by the local jurisdiction; and
(iv) the provider has the appropriate licenses or certificates from the Maryland Department of Health, the Maryland Health Care Commission, and the Department;
(2) describe the disposition of any interest earned on deposits and entrance fees;
(3) state the amount of any processing fee and whether it will be refunded if the deposit agreement is canceled; and
(4) describe the disposition of the deposit if the deposit agreement is canceled before the continuing care agreement is executed.
(d) If a deposit agreement is used for a deposit on a unit for which the provider has received written approval to withdraw deposits, the deposit agreement shall:
(1) state that the provider may use all deposits and entrance fees at any time; or
(2) describe any applicable limitations on the use of deposits and entrance fees.
Frequently Asked Questions About Maryland § 10-410
What does Maryland Code § 10-410 cover?
Section 10-410 is part of the Maryland Code, the codified statutory law of Maryland. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Maryland § 10-410?
A common citation format is "Maryland Code § 10-410" (Maryland). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Maryland law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maryland official source linked on this page or consult a licensed Maryland attorney.
How does Maryland § 10-410 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maryland can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Maryland.