No provider shall engage in the business of providing continuing care in this State until it shall have:
(1) Filed a registration statement on a form to be prescribed by the Secretary;
(2) Filed with the Secretary the disclosure statement provided for in § 4603 of this title; and
(3) Paid a registration fee of $50 to the Secretary;
provided, however, a nonprofit continuing care facility as defined in this chapter whose facilities will not accommodate more than 100 residents shall be exempt from the provisions of this chapter, providing the facility annually submits to the Secretary of State a certified audit evidencing qualifications for this exemption.