New York Codes, Rules and Regulations › Title 10 - DEPARTMENT OF HEALTH › Chapter VII - Life Care Communities › Part 903 - Priority Reservation Agreements › Section 903.3 - Application for commissioner's authorization

Current through Register Vol. 46, No. 28, July 10, 2024
(a) In order to receive the commissioner's
				authorization pursuant to section
				903.4 of this Part, an applicant
				for priority reservation authorization must submit a priority reservation
				application in writing on forms provided by the department and subscribed by
				the chief executive officer duly authorized by the board of a corporate
				applicant, a general partner or proprietor of a proposed or existing community,
				or, where an application is to be submitted by a governmental subdivision, the
				president or chairperson of the board of the proposed or existing community or
				the chief executive officer if there is no board; and accompanied by a
				certified copy of a resolution of the board of a corporate applicant
				authorizing the undertaking which is the subject of the application, and the
				subscribing and submission thereof by an appropriate designated individual. In
				the event that an application is to be submitted by an entity which necessarily
				remains to be legally incorporated, it shall be subscribed and submitted by one
				of the proposed principal stockholders or directors. If a local government
				applicant has not designated a president, chairperson or chief executive
				officer for a proposed community, the application shall be subscribed by the
				chairperson or president of the local legislature or board of supervisors
				having jurisdiction, or other appropriate executive officer. An original
				application and five copies thereof shall be prepared and submitted to the
				commissioner.
(b) The priority
				reservation application shall include:
(1)
				for priority reservation applicants that have not yet applied for or received a
				certificate of authority, the following:
(i)
				a general description of the proposed community including the location and
				description of the specifically identified site or potential site, a
				description of the community components, i.e., independent living units,
				nursing home, adult home, etc., the estimated number of each type of unit or
				beds, and a description of the services to be provided;
(ii) a narrative description of the plan to
				implement the process of entering into priority reservation agreements and for
				soliciting, collecting and receiving priority reservation application fees and
				refundable reservation fees;
(iii)
				an estimate of the pricing structure of the proposed community including the
				entrance fees and monthly fees;
(iv) a description of the target
				market;
(v) a description of the
				anticipated methods and sources of financing for the proposed
				community;
(vi) a description of
				the organizational structure of the applicant:
(vii) the name and address of the escrow
				agent and copy of the escrow agreement prepared in accordance with the
				provisions of section
				903.5 of this Part;
(viii) a copy of the instructions to the
				escrow agent regarding refunds of priority reservation fees;
(ix) a copy of the form(s) used to document
				requests for refunds of priority reservation fees and the issuance of such
				refunds;
(x) a copy of the form(s)
				used to document a prospective resident's election to enter into a life care
				contract and to apply the priority reservation fee to an actual entrance fee or
				entrance fee deposit;
(xi) a copy
				of the most recent financial statements of the applicant prepared in accordance
				with generally accepted accounting principles and certified by an independent
				certified public accountant unless the applicant is a newly incorporated entity
				which has been incorporated for less than 120 days following the close of its
				first fiscal year provided, however, that for such a newly incorporated entity,
				the most recent financial statement prepared in accordance with generally
				accepted accounting principles and certified by an independent certified public
				accountant shall be submitted for any preexisting related entity;
(xii) draft copies of proposed marketing
				materials which must comply with the standards set forth in section
				903.7 of this Part, with final
				copies to be submitted as soon as available;
(xiii) a description of the sales office and
				a copy of preliminary drawings and site plans of any proposed model
				units;
(xiv) a copy of the proposed
				priority reservation agreement prepared in accordance with the provisions of
				section 903.6 of this Part; and
(xv) such additional pertinent information or
				documents necessary for the commissioner's determination, as
				requested;