Bill > HB2370

This bill modifies Arizona's existing law regarding entrance fees for life care facilities by establishing a new sequential refund system for residents who vacate their units. Specifically, within 60 days after a resident provides notice to vacate, the facility must assign the unit a sequential refund number and provide refunds in order based on that number. However, this new requirement does not apply to life care contracts executed before January 1, 2026, or contracts that already provide a refundable entrance fee with a maximum waiting period of three years. To receive a refund, certain conditions must be met: the refund must be owed per the contract, the residential unit must be next in line based on the sequential numbering system, and sufficient funds from new resident entrance fees must be available to provide the full refund amount. The bill also makes some minor technical changes to language, such as replacing "prior to" with "before" and "which" with "that", and ensures that nonrefundable application fees are not subject to the escrow requirements. The changes will only apply to contracts entered into on or after December 31, 2025, and will become effective on that date.

Budget and Finance, Business and Industry

https://apps.azleg.gov/BillStatus/BillOverview/82164