ASSEMBLY AGING AND SENIOR SERVICES COMMITTEE

STATEMENT TO

ASSEMBLY, No. 1196

STATE OF NEW JERSEY

DATED:  MARCH 20, 2023

      The Assembly Aging and Senior Services Committee reports favorably Assembly Bill No. 1196.

      This bill requires continuing care retirement community agreements to include a provision requiring the balance of any refundable entrance fee owed to a resident be paid no later than one year after the date the resident ceases to be a resident of the facility.  Currently, refundable entrance fees are paid out based on the order in which units at the facility become vacant and funds become available to repay the refundable fees from the facility entering into new residency agreements. 

            This bill was pre-filed for introduction in the 2022-2023 session pending technical review. As reported, the bill includes the changes required by technical review, which has been performed.