Requires continuing care retirement community agreements to require refund of refundable entrance fees within one year.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill aims to protect residents of continuing care retirement communities (CCRCs) by requiring that any refundable entrance fees be repaid within one year of a resident leaving the facility. It amends existing state law to ensure timely refunds, addressing a potential delay in receiving funds currently tied to the availability of vacant units. The bill also clarifies procedures for cancellations and refunds, and mandates plain language in CCRC agreements.
Bill text
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1 on record
Primary sponsor
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