N.J. Admin. Code § 5:19-10.2
Current through Register Vol. 56, No. 21, November 4, 2024
Section 5:19-10.2 - Refunds(a) Upon cancellation of the continuing care agreement by either the resident or the facility, the resident shall have the right to receive a refund of the amount of any entrance fee as provided in the continuing care agreement or as otherwise provided by law. The amount of the entrance fee and the method of determining the amount refundable shall be set forth in a clear and conspicuous manner in the continuing care agreement. 1. When a resident permanently vacates the facility, or, in the case of two residents occupying the same residence, when both vacate at the same time, the facility shall provide to the resident or residents or the legal representative of the resident's estate, whichever is applicable, a refund of the refundable entrance fee amount without interest, as set forth in the agreement.2. Any unpaid fees or charges incurred by the resident including unpaid monthly service fees, as well as the amount of any charitable assistance that the facility has provided to the resident, may also be deducted from the remaining balance of the refund of the entrance fee.3. Any balance to the resident shall be payable within 60 days from the date the residence is resold and the entrance fee from the new resident has been received.(b) When an entrance fee deposit is refundable, it shall be paid to either the resident, the resident's named beneficiary, or the legal representative of the resident's estate, whichever is applicable. A resident shall have the right to change, in writing, the named beneficiary for the entrance fee refund at any time.(c) The facility's obligation with respect to refunds following the cancellation of a continuing care agreement or the death or removal of a resident shall nevertheless be subject to the provisions of N.J.A.C 5:19-6.5, Rescission and removal, and any other applicable law.N.J. Admin. Code § 5:19-10.2
Adopted by 47 N.J.R. 710(a), effective 4/6/2015.