SB 438 — Continuing Care Contracts

Florida Senate - 2018 CS for CS for SB 438 By the CommitteeCommittees on BankingAppropriations; and Insurance;

and SenatorBanking Leeand 597-02156-18Insurance; 2018438c1 A bill to be entitled An act relating to continuing care contracts;

and Senators Lee and Campbell 576-03566-18 2018438c2 A bill to be entitled An act relating to continuing care contracts;

providing an appropriation;

242243 Be It Enacted by the Legislature of the State of Florida:

244245 Section 1. Section 651.011, Florida Statutes, is amended to read:

309310 With prior written approval of the office, a demand note or other parental guarantee may be considered a short-term or long term investment for the purposes of paragraph (a).

696697 Notwithstanding chapter 120, a person, other than the provider, the escrow agent, and the office, may not have a substantial interest in any decision by the office regarding the release of escrow funds in any proceeding under chapter 120 or this chapter.

798799 The statement must shall set forth the court or agency, the date of conviction or judgment, and the penalty imposed or damages assessed, or the date, nature, and issuer of the order.

830831 If any material change occurs in the facts set forth in an application filed with the office pursuant to this subsection, an amendment setting forth such change must be filed with the office within 10 business days after the applicant becomes aware of such change, and a copy of the amendment must be sent by registered mail to the principal office of the facility and to the principal office of the controlling company.

988989 If any material change occurs in the facts set forth in an application filed with the office pursuant to this subsection, an amendment setting forth such change must be filed with the office within 10 business days, and a copy of the amendment must be sent by registered mail to the principal office of the facility and to the principal office of the controlling company.

11101111 Notwithstanding chapter 120, no person, other than the provider, the escrow agent, and the office, may have a substantial interest in any office decision regarding release of escrow funds in any proceedings under chapter 120 or this chapter regarding release of escrow funds.

12721273 If the application is denied, the office must notify the applicant in writing, citing the specific failures to meet the provisions of this chapter.

13421343 Entrance fees and reservation deposits collected for expansions must be held pursuant to the escrow requirements of s.

13681369 Notwithstanding chapter 120, only the provider, the escrow agent, and the office have a substantial interest in any office decision regarding release of escrow funds in any proceedings under chapter 120 or this chapter.

18681869 The office shall complete its review as required under subsections (4) and (5) and, if applicable, issue notice of disapproval of the new management within 15 business days after the filing is deemed complete.

19181919 The failure to remove such management is grounds for revocation or suspension of the provider’s certificate of authority.

22202221 Revocation of a certificate of authority under this section does not relieve a provider from the provider’s obligation to residents under the terms and conditions of any continuing care or continuing care at-home contract between the provider and residents or the provisions of this chapter.

23252326 This subsection may not be interpreted so as to delay or prevent the office from taking any regulatory measures it deems necessary regarding the provider that submitted the plan.

Section 31. This31. Effective actJuly shall1, take2018, effectthe Julysum 1,of 2018.$74,141 in recurring funds from the Insurance Regulatory Trust Fund is appropriated to the Office of Insurance Regulation, and one full-time equivalent position with associated salary rate of 45,043 is authorized, for the purpose of administering this act.

Section 32. This act shall take effect July 1, 2018.