NC H357

Repeals existing Article 64 of Chapter 58 and creates new Article 64A establishing comprehensive regulations for continuing care retirement communities (CCRCs) in North Carolina, effective December 1, 2025

Requires CCRC providers to obtain licensure through a multi-stage process: permit to accept deposits ($200 fee), start-up certificate ($2,000 fee), preliminary certificate, and permanent license, with specific presale thresholds of 50-70% required at each stage

Mandates providers maintain operating reserves of 25-50% of total operating costs depending on occupancy rates, with entrance fees and deposits held in escrow accounts until specific release conditions are met

Establishes detailed disclosure requirements including audited financial statements, actuarial studies every three years, five-year financial projections, and semiannual meetings between provider governing bodies and residents

Grants the NC Department of Insurance Commissioner authority to examine providers, issue corrective action plans for hazardous conditions, and initiate supervision, rehabilitation, or liquidation proceedings to protect residents