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Current as of January 01, 2025 | Updated by Findlaw Staff
(a) An escrow agent shall refund to the depositor all amounts required by the depositor's deposit agreement upon receiving written notice from the applicant that a depositor has canceled the deposit agreement. Refunds required by this subdivision shall be paid to the depositor within 10 days after the depositor gives notice of cancellation to the applicant.
(b) Depositors who have deposited more than one thousand dollars ($1,000) or 5 percent of the entrance fee, whichever is greater, and who have been notified that construction of the proposed continuing care retirement community has commenced, shall not be entitled to a refund of their deposit until any of the following occurs:
(1) The continuing care retirement community is opened for operation.
(2) Another depositor has reserved the canceling depositor's specific residential unit and paid the necessary deposit.
(3) The depositor no longer meets financial or health requirements for admission.
Cite this article: FindLaw.com - California Code, Health and Safety Code - HSC § 1783.2 - last updated January 01, 2025 | https://codes.findlaw.com/ca/health-and-safety-code/hsc-sect-1783-2/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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