Bill > HB215

This bill mandates that continuing care providers, which are entities offering services like retirement communities, undergo annual financial stress tests conducted by the Department of Aging (referred to as the "Department"). These tests will examine various financial indicators such as occupancy rates, profitability, liquidity, and investment risks, with the results, including a financial stability grade assigned by a review committee, made publicly available on the Department's website. Additionally, providers must hold regular meetings with their residents or resident associations, with at least two in-person meetings annually, and share agendas, minutes, and summaries of internal grievances. The bill also strengthens subscriber representation on governing bodies by requiring at least one subscriber to be a voting member, elected by the resident association, and ensuring they have comparable powers to other board members regarding financial matters; if a provider lacks a formal governing body, a committee must be formed to meet regularly with residents to address their concerns.

Health and Social Services

https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/HB0215?ys=2026RS