The Vermont Statutes Online

Title 8: Banking and Insurance

Chapter 151: CONTINUING CARE RETIREMENT COMMUNITIES

8 V.S.A. § 8010. Disclosure



§ 8010. Disclosure

(a) A provider shall maintain financial records for the facility, including independently audited financial statements, and copies of all inspection reports pertaining to that facility that have been issued by any governmental agency and filed with the provider. A copy of each such report shall be retained in the facility's records for not less than five years from the date the report is filed or issued. Each facility shall also maintain all annual reports and statements that have been filed with the Department or any state, local or federal agency. The records and information required to be maintained under this section shall be available for review upon request by residents and applicants during normal business hours. Copies of these documents will be provided for a reasonable copying fee.

(b) Notwithstanding the provisions of subsection (a) of this section, records, reports, or documents, which by state or federal law or regulation are deemed confidential, shall not be distributed or made available until such confidential status has expired.

(c) Every provider shall prepare a summary of the most recent audited financial statement, indicating in the summary where the contents of the complete statement may be inspected. A copy of the statement shall be maintained at the facility and a copy of the summary shall be prominently displayed in the facility.

(d) Proposed changes in policies, programs, and services shall be posted, and explained to residents.

(e) Before entering into a contract to furnish continuing care, the provider, or the agent of the provider, shall provide the prospective resident or his or her legal representative with the following information:

(1) a copy of the continuing care contract form;

(2) a summary of the provider's most recent annual financial statement; and

(3) such additional information as may be required by the Department. (Added 1987, No. 247 (Adj. Sess.), § 1.)