California Health and Safety Code

§ 1792.6

HSC § 1792.6 Effective Jan 1, 2001Div. 2 · Ch. 10 · Art. 6

Statute text

(a)Any provider offering a refundable contract, or other entity assuming responsibility for refundable contracts, shall maintain a refund reserve in trust for the residents. The amount of the refund reserve shall be revised annually by the provider and the provider shall submit its calculation of the refund reserve amount to the department in conjunction with the annual report required by Section 1790. This reserve shall accumulate interest and earnings and shall be invested in any of the following:

(1)Qualifying assets as defined in Section 1792.2.

(2)Real estate, subject to all of the following conditions:

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Legislative history

Added by Stats. 2000, Ch. 820, Sec. 57.36. Effective January 1, 2001.