New York Laws
Article 46 - Continuing Care Retirement Communities
4609 - Withdrawal, Death or Dismissal of Person; Refund.

§ 4609. Withdrawal, death or dismissal of person; refund. 1. Upon the
giving of written notice of cancellation by certified mail of at least
thirty days, the contract may be cancelled by a resident for any reason,
or by an operator if the applicant has willfully mismanaged assets
needed to pay monthly care fees. A resident shall not be discharged for
inability to pay the monthly fee except where a showing of the willful
mismanagement of assets needed to pay monthly care fees has been made.

2. If the notice required by subdivision one of this section is given
within the first ninety days of occupancy, the resident shall receive a
refund of not less than the entry fee and any other pre-payments less
the actual cost of any services actually provided and the actual cost of
refurbishing the unit for resale. After the first ninety days of
occupancy, any refund shall be not less than the entrance fee, except
that the operator may retain no more than two percent per month of
occupancy by the resident of such fee and no more than a four percent
fee for processing.

3. Refunds upon death will be made on the same basis as refunds upon
withdrawal.

4. Any refund made pursuant to this section must be paid no later than
thirty days after the formerly occupied unit has been resold, but in no
event later than one year after the formerly occupied unit has been
vacated.