H1573: Continuing Care Providers

Legislative Summary

Revises conditions for release of certain escrowed funds to providers; revises information required to be contained in certain providers' financial reports in their annual reports; revises list of financial institutions in which escrow accounts for certain providers' funds must be established; revises condition under which provider may hold & not deposit resident's check for specified period; specifies requirements for notice & for certain plans to replenish withdrawn funds; revises calculation of minimum liquid reserve requirements for certain facilities; revises requirements for letters of credit which satisfy minimum liquid reserve requirements; revises circumstances under which provider may withdraw funds held in escrow without office's approval; specifies that forfeiture penalty may be deducted from certain resident refunds; provides reporting & notice requirements for continuing care facilities; provides disclosure requirement for providers to prospective residents or their legal representatives.