New Jersey A2421 mandates that continuing care retirement community agreements require a refund of refundable entrance fees within one year of a.

New Jersey A2421 amends existing laws concerning continuing care retirement community agreements. The bill requires these agreements to include a provision ensuring that the balance of any refundable entrance fee owed to a resident is refunded no later than one year after the resident vacates the facility. This change aims to provide a more timely and equitable payment of refundable entrance fees, overriding the previous system that paid out fees based on the order of unit vacancies and fund availability. The act applies to all agreements entered into after the effective date of the bill.

New Jersey A2421 mandates that continuing care retirement community agreements require a refund of refundable entrance fees within one year of a.

New Jersey A2421 amends existing laws concerning continuing care retirement community agreements. The bill requires these agreements to include a provision ensuring that the balance of any refundable entrance fee owed to a resident is refunded no later than one year after the resident vacates the facility. This change aims to provide a more timely and equitable payment of refundable entrance fees, overriding the previous system that paid out fees based on the order of unit vacancies and fund availability. The act applies to all agreements entered into after the effective date of the bill.