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 refund refundable entrance fees within one year after a resident leaves the facility. It directly affects residents who paid such fees and facilities operating under these agreements. The key provision amends Section 15(11) of existing law to mandate that facilities must refund the owed balance within 12 months, overriding any conflicting terms in the original agreement. This applies specifically to refundable entrance fees, with facilities required to follow clear calculation methods outlined in the bill.