California AB1983 regulates repayable contracts in continuing care retirement communities, detailing repayment methods and provider obligations.

California AB1983 amends the Health and Safety Code to specify rules for repayable contracts in continuing care retirement communities. It mandates that providers repay entrance fees in sequential order, not before the resident's sequential number is reached. For repayable in sequential order contracts, providers must establish a sequential repayment account to fund repayments. The bill also outlines provider obligations, including the need to disclose repayment conditions and interest accrual in contracts.

California AB1983 regulates repayable contracts in continuing care retirement communities, detailing repayment methods and provider obligations.

California AB1983 amends the Health and Safety Code to specify rules for repayable contracts in continuing care retirement communities. It mandates that providers repay entrance fees in sequential order, not before the resident's sequential number is reached. For repayable in sequential order contracts, providers must establish a sequential repayment account to fund repayments. The bill also outlines provider obligations, including the need to disclose repayment conditions and interest accrual in contracts.