Continuing Care Providers - Financial Stress Tests, Transparency, and Governing Bodies

HB 215 requires Maryland’s Department of Aging to conduct annual financial stress tests for continuing care retirement communities, examining factors like occupancy rates, liquidity, and infrastructure age to assess financial health. It mandates providers to hold quarterly meetings with resident associations, share meeting agendas and minutes publicly, and elect resident representatives to governing bodies (rather than selecting them via internal criteria). The bill also requires that elected resident members have equivalent financial responsibilities as other governing body members. These changes directly affect retirement communities and their residents, aiming to improve transparency and resident input in facility governance. The law takes effect October 1, 2026.