(1) No person may enter into a continuing care contract as a provider unless the person obtains a permit from the commissioner. (2) The commissioner shall issue a permit to each applicant who has met all requirements of law and satisfies the commissioner that its methods and practices and the character and value of its assets will adequately safeguard the interests of its residents and the public, and who submits all of the following: (a) An application, in the manner required by the commissioner, signed by the applicant; or, if the applicant is a corporation, by the chief executive officer of the applicant; or, if the applicant is a limited liability company, by a member or manager. (b) The fee required under s. 601.31. (c) A copy of the proposed form of the continuing care contract to be entered into with residents. (d) Audited financial statements for the most recent fiscal year of the applicant including an income statement, a balance sheet and accompanying notes, all prepared in accordance with generally accepted accounting principles on a basis consistent with prior years. (e) A copy of the applicant’s schedule of entrance and other fees. (f) A copy of the applicant’s refund schedule. (g) The figure to be used by the provider as the actual or projected length of a resident’s stay in the facility in the formula in the contract provision required under s. 647.05 (1m) (i) and supporting information showing how the figure was determined. (h) A list of each administrative, civil or criminal action, order and proceeding to which the applicant or any of the applicant’s directors or principal officers have been subjected during the preceding 5 years due to an alleged violation of any state or federal law, regulation or rule, if any of the following occurs: 1. The alleged violation constitutes a felony; or 2. The alleged violation relates to the finances of a continuing care facility, a retirement community or a nursing home in any jurisdiction. (i) If the applicant has acted as a provider for fewer than 5 years, a detailed history and a projection of the operating results anticipated at the end of the first 5 years of operation based on available data or, if data are unavailable, on reasonable assumptions of entrance fees and other income, operating expenses and acquisition costs. (j) Any other information the commissioner reasonably requires by rule. (3) Permits issued under this section are not transferable. If a facility is transferred to any person who seeks to act as a provider, the person shall comply with the requirements specified in sub. (2) in order to receive a permit as a provider. A permit issued under this section remains in effect until revoked, after a hearing, upon written findings of fact by the commissioner that any of the following has occurred: (a) The provider has violated any applicable law, rule or order. (b) The facility has been placed in receivership or liquidation under s. 647.06 (1).
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