Relates to the classification of resident entrance fees for residents of continuing care retirement communities

Summary

The bill treats entrance fees paid by residents of continuing‑care retirement communities as advance payments for future housing, care, or services. Operators must return any portion of those fees that has not been earned, even if a resident contract tries to waive that right, and the refund obligation is treated as a statutory claim in insolvency proceedings. Contract provisions that attempt to limit this protection are void.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

Topics

Share