Bill > S2971

Introduced Session

This bill limits 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. Under current law, in the case of a continuing care facility agreement that provides for a refundable entrance fee, the facility is required to assign the vacated unit a sequential number among all the available units with refundable entrance fees once the unit is restored to original condition. A refundable fee owed to a resident or resident's estate for a unit that has been so numbered is currently payable based upon the order of the sequential number assigned to the unit section and the availability of funds from the proceeds of the resale of all vacated units with refundable entrance fees. This bill would require the refundable fee be paid in either the above manner or one year from the date the residence was permanently vacated, whichever is sooner.

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Shirley Turner (D)*, 

Introduced in the Senate, Referred to Senate Health, Human Services and Senior Citizens Committee (on 03/18/2024)

Official Document