§ 8001. Definitions As used in this chapter: (1) “Commissioner” means the Commissioner of Financial Regulation. (2) “Continuing care” means the furnishing in a facility, pursuant to a continuing care contract, of board and a variety of living arrangements together with nursing, medical, health and health-related services, assistance with the personal activities of daily living, […]
§ 8002. Certificate of authority; authority of the Department (a) A provider shall not receive any entrance fee or portion thereof, or enter into a continuing care contract unless the provider has obtained a certificate of authority from the Commissioner. However, a refundable payment of $1,000.00 or less and a processing fee of $250.00 or […]
§ 8003. Sale or transfer of ownership Any provider desiring to sell or transfer ownership of a continuing care facility shall notify the department 30 days in advance of completion of such sale or transfer. The Commissioner may revoke, after notice and hearing, and upon written findings of fact, the certificate of authority of any […]
§ 8004. Lien on behalf of residents; rehabilitation or liquidation (a) Prior to the issuance of a certificate of authority under this chapter, or at such other time as the Commissioner may determine it is in the best interests of residents of a facility, the Commissioner may file a lien on the real and personal […]
§ 8005. Continuing care contracts (a) A continuing care contract shall be in writing and shall contain at a minimum the provisions required in subsection (d) of this section. (b) All contract forms and the form of any attachments, addenda, or attachments by reference shall be filed with, and approved by, the Commissioner prior to […]
§ 8006. Termination of contract; notice (a) A person who enters into a continuing care contract with a provider may voluntarily terminate the contract within 30 days of executing such contract, and shall receive a refund of all money paid according to the provisions of subdivision 8007(c)(1) of this title. A person may voluntarily terminate […]
§ 8007. Refunds (a) Unless otherwise provided in this section, all refunds of entrance fees shall be made within 60 days of the day notice of termination is given. Refunds shall be made less any additional costs specifically incurred by the provider at the request of the resident and set forth in writing as a […]
§ 8008. Escrow of entrance fees (a) In the event the facility is not in operation at the time entrance fees are paid, the entrance fees or portions thereof shall be deposited in an escrow account. Such escrowed fees shall not be released to the provider until the following conditions are satisfied: (1) Commitments are […]
§ 8009. Reserve requirements A provider shall maintain a reserve fund equal to annual principal and interest payments on all debt or 15 percent of annual operating expenses, whichever is greater. The Department may require that these funds be placed in an escrow account, or other similarly secure investment where the funds are protected. The […]
§ 8010. Disclosure (a) A provider shall maintain financial records for the facility, including independently audited financial statements, and copies of all inspection reports pertaining to that facility that have been issued by any governmental agency and filed with the provider. A copy of each such report shall be retained in the facility’s records for […]
§ 8011. Resident associations; annual resident meeting (a) Residents of a facility have the right to self-organization and the right to engage in activities for the purpose of keeping informed on the operation of the facility, or for the purpose of other mutual aid. (b) Annually, the governing body of a facility, or its designated […]
§ 8012. Enforcement (a) The Commissioner may, after notice and an opportunity for hearing, impose an administrative penalty of not more than $15,000.00 against any person who violates a provision of this chapter. The hearing before the Commissioner shall be a contested case subject to the provisions of 3 V.S.A. chapter 25. (b) A provider […]
§ 8013. Hearing on denial of certificate or rate application An adverse decision by the Commissioner under section 8002 of this title shall state the grounds and particulars on which the decision was based in such detail as to reasonably inform the affected party. Any party aggrieved by the decision may file a written notice […]
§ 8014. Rules The Commissioner may adopt rules under 3 V.S.A. chapter 25 necessary to carry out the provisions of this chapter. (Added 1987, No. 247 (Adj. Sess.), § 1.)
§ 8015. Nondiscrimination The provisions of 9 V.S.A. § 4503 as they relate to age shall not apply to providers offering continuing care under the provisions of this chapter. (Added 1987, No. 247 (Adj. Sess.), § 1.)
§ 8016. Fees for administration of this chapter (a) An application for a certificate of authority shall be accompanied by a fee of $1,500.00. (b) The Department shall be reimbursed for any expenses it reasonably incurs itself or by its agents in pursuing the following statutory duties: (1) review of rates charged by operators; (2) […]
§ 8017. Consumers guide The Commissioner shall publish and distribute a consumers’ guide to continuing care retirement communities and a directory of such facilities. (Added 1987, No. 247 (Adj. Sess.), § 1.)
§ 8018. Resident Assistance Fund (a) A provider shall establish a Resident Assistance Fund for the purpose of assisting residents who are unable to meet a portion of periodic or other charges of the provider. (b) The Fund shall be established by an initial contribution of at least $25,000.00 from the provider and may contain […]
