NC S105

Repeals Article 64 and creates new Article 64A of Chapter 58 to comprehensively regulate continuing care retirement communities (CCRCs) under the NC Department of Insurance

Establishes a multi-step licensing process requiring providers to obtain permits, certificates, and permanent licenses before marketing, collecting deposits, constructing, or operating CCRCs, with specific presale thresholds (50% for preliminary certificate, 70% for permanent license)

Requires providers to maintain operating reserves of 25-50% of annual operating costs depending on occupancy rates, submit audited financial statements within 150 days of fiscal year end, and file actuarial studies every three years

Mandates detailed disclosure statements to prospective residents covering fees, services, financial condition, refund policies, and provider background, with 30-day rescission rights for binding contracts

Authorizes Commissioner to investigate providers, issue corrective action plans, restrict or revoke licenses for violations, and initiate rehabilitation or liquidation proceedings for financially hazardous providers, with willful violations classified as Class 1 misdemeanors