Limits time continuing care retirement communities may retain refundable entrance fee.

This bill limits how long continuing care retirement communities (CCRCs) can hold onto refundable entrance fees after a resident leaves. It requires CCRCs to refund these fees within one year of a resident vacating the facility, or based on the current sequential refund system, whichever occurs first. The change directly affects residents who paid refundable entrance fees, ensuring they receive their money faster than under current law, which could delay refunds indefinitely depending on unit resale availability. The bill amends existing law to prioritize timely refunds without altering the fee amount or beneficiary designation process.