S.7778 - Continuing Care Retirement Communities Regulation

• Transfers primary regulatory authority for continuing care retirement communities from the Continuing Care Retirement Community Council to the Department of Health Commissioner, streamlining the approval process.

• Establishes a 180-day timeline for the Commissioner to approve or deny certificate of authority applications; applications are automatically approved if the Commissioner fails to act within this timeframe.

• Expands the definition of continuing care retirement communities to include "life plan communities" throughout the Public Health Law.

• Increases the percentage of escrowed entrance fees or deposits that may be released from 15% to 85% of collected entrance fees to support community development and construction.

• Extends the refund timeline for residents from one year to two years after vacating a unit, and allows residents to make irrevocable gifts of entrance fees to the community instead of receiving refunds.

• Requires the Commissioner to consult with the Public Health and Health Planning Council before revoking, suspending, or limiting a community's certificate of authority.