Bill > S1457

Introduced Session

This bill requires continuing care retirement community agreements to include a provision requiring the balance of any refundable entrance fee owed to a resident be paid no later than one year after the date the resident ceases to be a resident of the facility. Currently, refundable entrance fees are paid out based on the order in which units at the facility become vacant and funds become available to repay the refundable fees from the facility entering into new residency agreements. This process can result in continuing care providers retaining entrance fees running into the hundreds of thousands of dollars for years after a resident has left the facility. It is the sponsor's intent that continuing care retirement communities not be permitted to retain the assets of former residents for unreasonably long periods of time, as this denies the person access to substantial resources they spent their lives accruing and saving, and can limit the person's options when looking for new housing accommodations.

AI Summary

Committee Categories

Richard Codey (D)*,  Nia Gill (D)*, 

Introduced in the Senate, Referred to Senate Health, Human Services and Senior Citizens Committee (on 02/10/2022)

Official Document