Requires continuing care retirement community agreements to require refund of refundable entrance fees within one year.

This bill requires continuing care retirement communities in New Jersey to include a provision in their agreements stating that refundable entrance fees must be fully refunded to residents within one year of them vacating the facility. Currently, refunds are paid based on the order of unit vacancies and available funds, which can result in significant delays for residents. The bill ensures that residents will receive their refund within a clear timeframe, regardless of whether the unit has been resold or what sequential refund number the unit has been assigned. This change directly affects residents who paid refundable entrance fees and the retirement communities that manage these agreements, amending existing laws to establish this one-year refund deadline.