Florida Statutes 651.019 – New financing, additional financing, or refinancing
Current as of: 2024 | Check for updates
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(1)(a) A provider shall provide a written general outline of the amount and the anticipated terms of any new financing or refinancing, and the intended use of proceeds, to the residents’ council at least 30 days before the closing date of the financing or refinancing transaction. If there is a material change in the noticed information, a provider shall provide an updated notice to the residents’ council within 10 business days after the provider becomes aware of such change.
Terms Used In Florida Statutes 651.019
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Facility: means a place where continuing care is furnished and may include one or more physical plants on a primary or contiguous site or an immediately accessible site. See Florida Statutes 651.011
- Provider: means the owner or operator, whether a natural person, partnership or other unincorporated association, however organized, trust, or corporation, of an institution, building, residence, or other place, whether operated for profit or not, which owner or operator provides continuing care or continuing care at-home for a fixed or variable fee, or for any other remuneration of any type, whether fixed or variable, for the period of care, payable in a lump sum or lump sum and monthly maintenance charges or in installments. See Florida Statutes 651.011
(b) If the facility does not have a residents’ council, the facility must make available, in the same manner as other community notices, the information required under paragraph (a).
(2) Within 30 days after the closing date of such financing or refinancing transaction, the provider shall submit to the office copies of executed financing documents, escrow or trust agreements prepared in support of such financing or refinancing transaction, and a copy of all documents required to be submitted to the residents’ council under paragraph (1)(a).