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2024 Florida Statutes

Title XXXVII INSURANCE
Chapter 651 CONTINUING CARE CONTRACTS Entire Chapter
SECTION 019
New financing, additional financing, or refinancing.
F.S. 651.019
651.019 New financing, additional financing, or refinancing.—
(1)(a) A provider shall provide a written general outline of the amount and the anticipated terms of any new financing or refinancing, and the intended use of proceeds, to the residents’ council at least 30 days before the closing date of the financing or refinancing transaction. If there is a material change in the noticed information, a provider shall provide an updated notice to the residents’ council within 10 business days after the provider becomes aware of such change.
(b) If the facility does not have a residents’ council, the facility must make available, in the same manner as other community notices, the information required under paragraph (a).
(2) Within 30 days after the closing date of such financing or refinancing transaction, the provider shall submit to the office copies of executed financing documents, escrow or trust agreements prepared in support of such financing or refinancing transaction, and a copy of all documents required to be submitted to the residents’ council under paragraph (1)(a).
History.—ss. 3, 16, ch. 91-98; s. 12, ch. 93-22; s. 1668, ch. 2003-261; s. 4, ch. 2019-160.