AB 1983: Continuing care retirement communities: repayable contracts.

This bill aims to regulate repayable contracts in continuing care retirement communities. A repayable contract is a type of contract that requires a promise to repay a portion of an entrance fee if the unit is reoccupied or resold. The bill would expand the definition of a repayable contract to include a promise to repay entrance fees based on the sequential order in which contracts are terminated. To implement this, a provider would assign a sequential repayment number to each terminated contract and repay entrance fees in that order. The repayment would be issued within 14 days. This regulation is intended to ensure fairness and transparency in the repayment process.