California Health and Safety Code

§ 1783.2

HSC § 1783.2 Effective Jan 1, 2001Div. 2 · Ch. 10 · Art. 3

Statute text

(a)An escrow agent shall refund to the depositor all amounts required by the depositor’s deposit agreement upon receiving written notice from the applicant that a depositor has canceled the deposit agreement. Refunds required by this subdivision shall be paid to the depositor within 10 days after the depositor gives notice of cancellation to the applicant.

(b)Depositors who have deposited more than one thousand dollars ($1,000) or 5 percent of the entrance fee, whichever is greater, and who have been notified that construction of the proposed continuing care retirement community has commenced, shall not be entitled to a refund of their deposit until any of the following occurs:

(1)The continuing care retirement community is opened for operation.

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Legislative history

Amended by Stats. 2000, Ch. 820, Sec. 42. Effective January 1, 2001.