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  • NJ A4588
  • Limits time continuing care retirement communities may retain refundable entrance fee after resident vacates facility to no more than one year.
Introduced
(2/15/2017)
In Committee
(2/15/2017)
Crossed OverPassedSignedDead/Failed/Vetoed
2016-2017 Regular Session
This bill would limit the time that a continuing care retirement community may retain a refundable entrance fee after a resident vacates the facility to no more than one year later. Under current law, a continuing care retirement community may retain an entrance fee after a resident vacates the facility for as long as it takes for the unit to be reoccupied by another resident. Absent a maximum refunding period, there is little incentive for the facility managers to aggressively market any particular vacant unit. In some instances, a facility has retained the fee for several years after the unit has been vacated, unreasonably delaying the return of the fee. Further, if the resident has died, an estate may be forced to pay distribution taxes on money representing the fee refund, years before the estate and beneficiaries receive that fee refund. This bill would limit the amount of time an entrance fee may be retained to ensure that the money is returned within a reasonable timeframe.
Health and Senior Services
Introduced, Referred to Assembly Health and Senior Services Committee  (on 2/15/2017)
 
 
Date Chamber Action Description
2/15/2017 A Introduced, Referred to Assembly Health and Senior Services Committee
Date Motion Yea Nay Other
None specified