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GA SB304
Bill
Status
Passed
4/21/2014
Primary Sponsor
Jesse Stone
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AI Summary
- Creates a new defined term "resident owned living unit" — a residence or apartment within a continuing care facility where the resident holds an individual real property ownership interest, with the purchase or sale excluded from the entrance fee
- Authorizes continuing care providers that hold a certificate of authority and obtain written approval from the Insurance Commissioner to offer continuing care agreements in which residents purchase a resident owned living unit, subject to certificate of need and licensure requirements
- Expands the definitions of "continuing care" and "limited continuing care" to explicitly include assisted living communities and to encompass skilled or intermediate nursing services and personal care services, including assisted living care, as designated in the continuing care agreement
- Modifies entrance fee refund provisions so that residents who receive a transferable membership or ownership right in a resident owned living unit and cancel prior to occupancy are entitled to a full refund minus a processing fee of up to 4%, with refunds due within 60 days of cancellation notice
- Requires each facility to publicly post a notice in a prominent location explaining where disclosure statements may be viewed and to notify residents of any proposed changes in policies, programs, and services
Legislative Description
Continuing Care Providers and Facilities; provide for continuing care at home; define certain terms
Last Action
Effective Date
7/1/2014
Full Bill Text
No bill text available