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Synopsis As Introduced Amends the Life Care Facilities Act. Provides that the financial disclosure provided to a resident must include, but is not limited to, fee schedules; fee adjustment policies; the history of fee increases; reserve funding provisions; expected source of funding for the development of new facilities; refund policies; and the status of resident claims on assets if the facility were to fall into bankruptcy or insolvency (instead of only a disclosure of short-term assets and liabilities). Provides that the required financial disclosures shall also be posted in a conspicuous location in the facility to which residents must have access.
Replaces everything after the enacting clause. Amends the Life Care Facilities Act. Adds provisions requiring certain pre-sale disclosures. Specifies that if an unoccupied living unit is to be reappropriated and if there are beneficiaries awaiting an entry fee refund, then the beneficiaries of the entry fee refund must provide a signed acknowledgment of and agreement to the reappropriation.
Replaces everything after the enacting clause. Reinserts the provisions of House Amendment No. 1 with the following changes. Clarifies that the pre-sale disclosure requirements apply only to life care contracts that are subject to refund. Provides that, upon request, current residents, former residents awaiting refunds, and the estates of former residents awaiting refunds shall be provided with the most recent entry fee refund disclosures. Provides that, if a payee for an entry fee refund cannot be determined, for purposes of calculating the data required in the pre-sale disclosure, a refund shall be considered complete when a new resident occupies the living unit.
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