New York Laws
Article 46 - Continuing Care Retirement Communities
4622 - Priority Reservation Agreements; After Obtaining a Certificate of Authority.

(i) the operator has satisfied the requirements of this section and
any applicable regulations; and
(ii) the operator can be expected to meet its obligations in
accordance with this section and in accordance with its priority
reservation agreements with prospective residents.
b. If the commissioner approves an application, the commissioner shall
issue a written authorization to the operator authorizing the operator
to enter into cancelable priority reservation agreements and collect
refundable priority reservation fees from prospective residents
concerning the continuing care retirement community.
c. The commissioner's authorization shall remain in effect as long as
the operator's certificate of authority for its community remains in
effect; provided that the commissioner may rescind the authorization at

any time for just cause, including any material misstatement of fact or
misrepresentation in any of the application materials or any materials
subsequently disseminated.
d. The operator shall provide written notice to all parties who have
entered into cancelable priority reservation agreements of the
commissioner's recision of authorization to enter into cancelable
priority reservation agreements.
e. The commissioner shall provide written notice to the escrow agent
of the commissioner's recision of authorization to enter into cancelable
priority reservation agreements, including instructions to release funds
held in escrow to the persons who have paid refundable priority
reservation fees.