Sec. 246.0736. CONTINUING RELEASE OF ESCROW. (a) After the initial release of an entrance fee by an escrow agent for a specific facility, the commissioner shall authorize an escrow agent to continue to release escrowed entrance fees for that facility to the provider without further proof of satisfying the requirements of Section 246.073 if:
(1) the provider provides a monthly report to the department on marketing activities for living units of the facility; and
(2) the provider immediately informs the department of any problems, issues, or irregularities encountered in its marketing activities for the facility.
(b) If the provider fails to meet the requirements of Subsection (a), the commissioner may require the provider to satisfy the requirements of Section 246.073 before the commissioner authorizes the escrow agent to continue releasing escrowed entrance fees to the provider.
(c) The commissioner shall adopt rules to implement this section.
Added by Acts 2007, 80th Leg., R.S., Ch. 1228 (H.B. 2392), Sec. 1, eff. June 15, 2007.
Structure Texas Statutes
Subtitle B - Licensing of Health Facilities
Chapter 246 - Continuing Care Facilities
Subchapter D. Entrance Fee and Reserve Fund Escrow Accounts
Section 246.071. Entrance Fee Escrow Account; Escrow Agent
Section 246.072. Return of Deposits; Release or Return of Entrance Fee
Section 246.073. Release to the Provider
Section 246.0735. Phase-in Facilities
Section 246.0736. Continuing Release of Escrow
Section 246.0737. Care in Residence
Section 246.074. Return of Entrance Fee
Section 246.075. Escrow of Application Fee Not Required
Section 246.076. Interest Accrued on Entrance Fee Funds
Section 246.077. Reserve Fund Escrow