N.J. Admin. Code § 5:19-6.3

Current through Register Vol. 56, No. 23, December 2, 2024

Section 5:19-6.3 - Deposits and application fees

(a) All deposits, down payments, or other funds paid to a provider by a purchaser shall be held in an interest bearing separate trust account in a banking or similar institution located within this State or deposited with an attorney licensed to practice law in this State, or until occupancy or cancellation of the contract, as governed by 5:19-7.4. Occupancy of the living unit by the resident prior to the expiration of the 30-day rescission period shall not be construed as a waiver of any part of said rescission period. If desired, the resident may wait until the end of the 30-day rescission period to take occupancy, without waiver or penalty.

(b) Application fees shall not exceed $ 500.00 unless the provider can demonstrate that the actual cost of processing exceeds $ 500.00.

(c) The amount of the entrance fee, the method by which the provider has calculated the amounts refundable, and the amounts thereof that are refundable (including any conditions that may affect the amount of any refund) shall be set forth in a clear and conspicuous manner, in plain and easily understood language in the contract.

N.J. Admin. Code § 5:19-6.3

Amended by 47 N.J.R. 710(a), effective 4/6/2015.