Michigan HB5824 modifies the definition of "entrance fee" for senior citizens' housing.

Michigan HB5824 amends the definition of "entrance fee" in the Michigan Compiled Laws. The bill specifies that an entrance fee is money or property paid in a lump sum or installments, greater than four times the regular periodic charge, for the right to occupy a space in a continuing care community for more than one year but not for life. The bill affects senior citizens and their housing arrangements in continuing care communities.

Michigan HB5824 modifies the definition of "entrance fee" for senior citizens' housing.

Michigan HB5824 amends the definition of "entrance fee" in the Michigan Compiled Laws. The bill specifies that an entrance fee is money or property paid in a lump sum or installments, greater than four times the regular periodic charge, for the right to occupy a space in a continuing care community for more than one year but not for life. The bill affects senior citizens and their housing arrangements in continuing care communities.