Classifies resident entrance fees for continuing care retirement communities as advance payments; requires refund of unearned fees.
The bill amends the public health law to classify resident entrance fees for continuing care retirement communities as advance payments for services not yet rendered. It imposes a statutory obligation on operators to refund any unearned portion of these fees to residents if the services are not provided. This obligation is not considered a general unsecured claim in bankruptcy proceedings. Any contract provisions attempting to waive or limit this obligation are void.
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