LIFE CARE FACILITIES-CONTRACTS

Amends the Life Care Facilities Act. Adds provisions concerning required disclosures and life care contract requirements for providers under the Act. Provides that at the time of or before the execution of a life care contract, or at the time of or before to the transfer of any money or other property to a provider by or on behalf of a prospective resident, whichever shall first occur, a provider shall deliver a disclosure statement to the person with whom the life care contract is to be entered into that contains specified information. Provides that residents may receive, upon request, specified information from providers and may submit comments. Provides that providers shall, to the maximum extent practicable, offer specified explanations, inform residents of certain matters, and make use of specified standards and practices. Provides that a violation of these provisions by a provider of a facility is an unlawful practice under the Consumer Fraud and Deceptive Business Practices Act. Provides that the Department of Financial and Professional Regulation shall take specified enforcement actions if he or she receives notice from an escrow agent that specified provisions of the Act have not been complied with. Provides that the Secretary of Professional and Financial Regulation may conduct audits of providers. Provides that a provider shall provide all residents of a facility and the Department of Public Health with a printed report that contains certain information. Provides that the Department of Public Health shall provide the public with online access to the annual reports, inspection reports, and other specified information. Provides that an increase in a regular periodic charge not outlined in a life care contract must be approved by the Secretary of Financial and Professional Regulation. Makes other changes.