Establishes the Continuing Care Retirement Communities Act in North Carolina, regulating providers offering continuing care.

The Continuing Care Retirement Communities Act in North Carolina regulates providers offering continuing care. It requires providers to obtain a license and mandates financial and operational standards. Providers must submit detailed applications, including market studies, financial projections, and escrow agreements for entrance fees. The Commissioner reviews applications and can approve or deny them based on financial viability and market demand. Providers must maintain operating reserves and submit annual audited financial statements.

Establishes the Continuing Care Retirement Communities Act in North Carolina, regulating providers offering continuing care.

The Continuing Care Retirement Communities Act in North Carolina regulates providers offering continuing care. It requires providers to obtain a license and mandates financial and operational standards. Providers must submit detailed applications, including market studies, financial projections, and escrow agreements for entrance fees. The Commissioner reviews applications and can approve or deny them based on financial viability and market demand. Providers must maintain operating reserves and submit annual audited financial statements.