The Vermont Statutes Online
The Vermont Statutes Online have been updated to include the actions of the 2023 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Title 8 : Banking and Insurance
Chapter 151 : Continuing Care Retirement Communities
(Cite as: 8 V.S.A. § 8009)-
§ 8009. Reserve requirements
A provider shall maintain a reserve fund equal to annual principal and interest payments on all debt or 15 percent of annual operating expenses, whichever is greater. The Department may require that these funds be placed in an escrow account, or other similarly secure investment where the funds are protected. The Department shall approve any withdrawal or borrowing from these funds and shall monitor repayment. (Added 1987, No. 247 (Adj. Sess.), § 1.)
