California Health and Safety Code

§ 1783.3

HSC § 1783.3 Effective Jun 29, 2011Div. 2 · Ch. 10 · Art. 3

Statute text

(a)In order to seek a release of escrowed funds, the applicant shall petition in writing to the department and certify to each of the following:

(1)The construction of the proposed continuing care retirement community or phase is at least 50 percent completed.

(2)At least 10 percent of the total of each applicable entrance fee has been received and placed in escrow for at least 60 percent of the total number of residential living units. Any unit for which a refund is pending may not be counted toward that 60-percent requirement.

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Legislative history

Amended by Stats. 2011, Ch. 32, Sec. 11. (AB 106) Effective June 29, 2011. Operative January 1, 2012, by Sec. 73 of Stats. 2011, Ch. 32.