Oregon Statutes 101.080 – When resident eligible for refund of entrance fee; notice to resident
Current as of: 2023 | Check for updates
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(1) Any provider that requires any resident, as a condition of occupancy or use of the facility, to pay an entrance fee, prior to or during the first six months of occupancy in addition to monthly payments, shall provide that a percentage of that entrance fee be refunded to the resident if the residency agreement is terminated, other than by reason of death of the resident, within the first six months of occupancy.
Terms Used In Oregon Statutes 101.080
- Entrance fee: means an initial or deferred transfer to a provider of a sum of money or other property made or promised to be made as full or partial consideration for acceptance of one or more residents in a continuing care retirement community. See Oregon Statutes 101.020
- Provider: means an owner or operator, whether a natural person, partnership, trust, limited liability company, corporation or unincorporated association, however organized, of a new or existing continuing care retirement community, whether operated for profit or not, that provides, plans to provide or agrees to provide continuing care to one or more unrelated residents under a residency agreement. See Oregon Statutes 101.020
- Residency agreement: means a contract between a provider and a resident for the provision of continuing care for a period greater than one year. See Oregon Statutes 101.020
- Resident: means a person who enters into a residency agreement with a provider or who is designated in a residency agreement to be a person being provided with continuing care. See Oregon Statutes 101.020
(2) The percentage of the entrance fee to be refunded and the manner in which this percentage is calculated shall be written in boldfaced type in the residency agreement and disclosed in the initial and annual disclosure statements required by ORS § 101.050 and 101.052. [Formerly 91.690; 2009 c.201 § 7]