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Searching 2021-2022 Session

The Vermont Statutes Online

 

Title 8 : Banking and Insurance

Chapter 151 : CONTINUING CARE RETIREMENT COMMUNITIES

(Cite as: 8 V.S.A. § 8018)
  • § 8018. Resident Assistance Fund

    (a) A provider shall establish a Resident Assistance Fund for the purpose of assisting residents who are unable to meet a portion of periodic or other charges of the provider.

    (b) The Fund shall be established by an initial contribution of at least $25,000.00 from the provider and may contain any additional amounts contributed by the provider or residents.

    (c) The Fund, including any interest earned on monies in the Fund, shall be used for the sole purpose of assisting residents who have financial difficulties which impair their ability to meet monthly fees and other charges.

    (d) The Fund shall be administered by the operator of the facility and a committee of residents, designated by the residents, for the exclusive benefit of the residents in a manner approved by the Commissioner.

    (e) The Fund shall be subject to an annual independent audit. The independent audit may be filed and submitted in accordance with one of the following methods:

    (1) an audited financial statement of the Fund shall be included as a separate schedule of supplementary information in the provider's audited annual statement required under subsection 8002(g) of this title; or

    (2) an audited financial statement of the Fund shall be submitted annually to the residents and the Commissioner. (Added 1987, No. 247 (Adj. Sess.), § 1; amended 2009, No. 137 (Adj. Sess.), § 13.)