Title 08, Title 08: Banking and Insurance

§ 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 fil…

§ 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. 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…

§ 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 condit…

§ 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…

§ 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…

§ 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, …

§ 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 subje…

§ 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 aggri…

§ 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 d…

§ 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 leas…