Compilation of Rules and Regulations of the State of Georgia
Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER
Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE
Subject 120-2-51 - CONTINUING CARE PROVIDERS AND FACILITIES
Rule 120-2-51-.06 - Resident Owned Living Unit
Current through Rules and Regulations filed through September 23, 2024
(1) Continuing Care Agreements
(2) Funds or Property for Purchase and Sale
Funds or property transferred for the purchase and sale of a resident owned living unit shall not be considered to be funds or property transferred for the care of a resident and, therefore, shall not be subject to the requirements set forth in OCGA 33-45-7(a)(6). Such funds or property shall be governed by applicable real property law related to the purchase and sale of resident owned living units.
(3) Commissions
Funds payable to a duly licensed real estate broker as commissions related to the purchase and sale of the real property interest in a resident owned living unit shall not be considered to be a fee charged by the provider for the transfer of membership or sale of an ownership right.
(4) Reporting and Disclosure
When reporting or disclosure of any information is required under any other body of law governing the purchase and sale of resident owned living units, including, but not limited to, real property law or condominium law, all documents required for such reporting and disclosure shall be made available to the Department of Insurance immediately upon request.
O.C.G.A. §§ 33-2-9, 33-45-4, 33-45-7.
