CA AB1983

Expands the definition of "repayable contract" for continuing care retirement communities to include entrance fee repayments based on sequential order of contract terminations, not just upon unit reoccupancy or resale

Requires providers using the sequential order method to assign each terminated contract a sequential repayment number and maintain a repayment account funded by entrance fees from reoccupied units

Mandates providers issue entrance fee repayments within 14 days once the repayment account accumulates sufficient funds to cover the next terminated contract in sequence

Amends Section 1771 of the Health and Safety Code governing continuing care contract definitions and regulations

Applies to continuing care retirement communities regulated by the State Department of Social Services