CA SB939

Defines "repayable contract" as a continuing care contract where entrance fee repayment is conditioned on reoccupancy or resale of the unit, and exempts such contracts from refund reserve requirements if not advertised as a refund.

Requires unpaid lump-sum repayments to accrue simple interest at 4% after 180 days, 6% after 240 days, and compound interest at 6% annually after one year following contract termination.

Prohibits providers from charging monthly fees to residents or estates after a unit is permanently vacated, except for equity interest contracts.

Requires continuing care contracts to include a statement that providers will make good-faith efforts to reoccupy or resell units for which lump-sum payments are conditioned on resale.

Applies these provisions to repayable contracts entered into on or after January 1, 2017, with a delayed implementation date of January 1, 2018 for projects in development before January 1, 2017.