Bill
Bill > A1702
NJ A1702
NJ A1702Requires continuing care retirement community agreements to require refund of refundable entrance fees within one year.
summary
Introduced
01/09/2024
01/09/2024
In Committee
01/09/2024
01/09/2024
Crossed Over
Passed
Dead
Introduced Session
2024-2025 Regular Session
Bill Summary
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.
AI Summary
This bill requires continuing care retirement community agreements to include a provision that the balance of any refundable entrance fee owed to a resident must be paid no later than one year after 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.
Committee Categories
Health and Social Services
Sponsors (1)
Last Action
Introduced, Referred to Assembly Aging and Human Services Committee (on 01/09/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2024/A1702 |
| BillText | https://pub.njleg.gov/Bills/2024/A2000/1702_I1.HTM |
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