Section R. 400.1421 - Handling of resident funds and valuablesRule 21.
(1) A licensee may accept a resident's funds and valuables for safekeeping, to be held in trust with the licensee, upon request from a resident or the resident's designated representative.(2) All resident funds and valuables which have been accepted by a licensee for safekeeping shall be treated by the licensee as a trust obligation.(3) A licensee shall have a resident's funds and valuables transaction form completed and on file for each resident. A department form shall be used unless prior authorization for a substitute form has been granted in writing by the department.(4) All resident funds and trust fund accounts shall be kept separate and apart from all funds and monies of the licensee.(5) Except for trust fund accounts, a licensee shall not accept for safekeeping money and valuables exceeding a value of $200.00 for any resident in the home. Trust fund accounts between the licensee and the resident are subject to a $1,500.00 limitation.
(6) All trust fund account transactions shall require the signature of the resident or the resident's designated representative and the licensee or prior written approval from the resident or resident's designated representative.(7) A resident's account shall be individual to the resident. A licensee shall be prohibited from having any ownership interest in a resident's account and shall verify such in a written statement to the resident or the resident's designated representative.(8) A licensee, responsible person, and members of the licensee's or responsible person's family shall not borrow money or valuables from a resident, with or without the consent of the resident. A licensee shall further take reasonable precautions to assure the prohibition of financial transactions between a resident and other occupants of the home.(9) A licensee shall obtain prior written approval from a resident and his or her designated representative before charges are made to a resident's account.(10) Charges against the resident's account shall not exceed the agreed price for the services rendered and goods furnished or made available by the home to the resident.(11) A licensee shall provide a complete accounting of all resident funds and valuables held for safekeeping and in trust fund accounts or paid to the home to the resident or to his or her designated representative on a quarterly basis. A receipt for resident expenditures shall be maintained by the licensee and shall be provided to the resident or designated representative upon request. The accounting of a resident's funds and valuables held for safekeeping or paid to the home shall also be provided, upon the resident's or designated representative's request, not later than 5 banking days following the request and at the time of the resident's discharge from the home.(12) A licensee shall return the full amount of funds and valuables remaining in the account to the resident or his or her designated representative not later than 5 banking days following the request or date of discharge.(13) A licensee shall report the death of a resident in writing to the public administrator of the Michigan Department of Attorney General, 1800 Michigan Plaza Building, 1200 Sixth Street, Detroit, Michigan 48226, not later than 10 calendar days following the death of the resident.Mich. Admin. Code R. 400.1421