4675 – Priority Reservation Agreements; After Obtaining a Certificate of Authority.
§ 4675. Priority reservation agreements; after obtaining a certificate of authority. The provisions of this section apply to entities that seek approval to enter into priority reservation agreements and to solicit, collect or receive priority reservation fees, with respect to a fee-for-service continuing care retirement community, after obtaining a certificate of authority under this article. […]
4676 – Industrial Development Agency Financing.
§ 4676. Industrial development agency financing. Fee-for-service continuing care retirement communities developed pursuant to this article shall be eligible for industrial development financing in accordance with section forty-six hundred four-a of this chapter except for paragraphs b and g of subdivision two of such section and financing by any public benefit corporation authorized to make […]
4671 – Civil Action.
§ 4671. Civil action. Any person who, as or on behalf of an operator, enters into a contract without having first delivered to the prospective resident the disclosure statement and annual report required by sections forty-six hundred fifty-seven and forty-six hundred fifty-eight of this article; or delivers to the prospective resident a disclosure statement or […]
4672 – Criminal Penalties.
§ 4672. Criminal penalties. 1. A person, partnership, corporation, controlling person, or agent or employee thereof, who knowingly uses or employs any act or practice in violation of this article shall be guilty of a class A misdemeanor. 2. Nothing under this article shall be deemed to limit the power of the state to punish […]
4673 – Separability.
§ 4673. Separability. If any clause, sentence, paragraph, section or part of this article shall be adjudged by any court of competent jurisdiction to be invalid, the judgment shall not affect, impair or invalidate the remainder thereof, but shall be confined in its operation to the clause, sentence, paragraph, section or part of this article […]
4674 – Priority Reservation Agreements; Prior to Obtaining a Certificate of Authority.
§ 4674. Priority reservation agreements; prior to obtaining a certificate of authority. The provisions of this section shall apply to entities that seek approval to enter into priority reservation agreements and to solicit, collect or receive priority reservation fees, with respect to a proposed fee-for-service continuing care retirement community, prior to obtaining a certificate of […]
4661 – Consumer Safeguards.
* § 4661. Consumer safeguards. The applicant shall demonstrate the financial feasibility of the facility. The operator shall provide a statement of the anticipated source and application of the funds used or to be used in the purchase or construction of the facility, including: 1. An estimate of the cost of purchasing or constructing and […]
4662 – Entrance Fee Escrow Account.
* § 4662. Entrance fee escrow account. As a condition for approval to advertise and collect refundable entry fees/deposits: 1. The operator shall establish an interest-bearing account with a New York state bank, New York state savings and loan association, or New York state trust company for any entrance fees received by the operator, which […]
4663 – Release of Escrowed Funds to the Operator.
* § 4663. Release of escrowed funds to the operator. Escrowed funds shall not be released to the operator unless: 1. construction or purchase of the community or an approved phase of a community has been substantially completed, an occupancy permit covering the living unit has been issued by the local government having authority to […]
4664 – Asset Reserves.
§ 4664. Asset reserves. An operator shall maintain reserve liabilities and supporting assets in an amount for the purposes set forth in a regulation issued by the commissioner. Liquid assets shall be maintained for the following reserve liabilities: 1. Fifteen percent of the projected annual operating expenses of the facility, exclusive of depreciation. 2. A […]