Senate Bill 145: Continuing Care Retirement Communities Act

• Repeals Article 64 of Chapter 58 and enacts comprehensive new Article 64A establishing state regulation of continuing care retirement communities (CCRCs) under the North Carolina Department of Insurance.

• Creates tiered licensing system with permits to accept deposits, start-up certificates, preliminary certificates, and permanent licenses, with increasing application requirements demonstrating financial viability and market demand.

• Requires providers to maintain escrow accounts for entrance fees and deposits, establish operating reserves (25-50% of annual operating costs), and file annual audited financial statements and five-year prospective financial statements.

• Mandates comprehensive disclosure statements covering provider information, fees, services, financial condition, and resident protections; requires 30-day rescission rights for binding reservation and continuing care contracts.

• Authorizes the Commissioner to deny applications, revoke licenses, and pursue corrective action for violations; establishes civil and criminal penalties, resident rights to organize and hold semiannual meetings, and deems continuing care contracts as preferred claims in liquidation.