This bill seeks to recodify RSA 420-D, which regulates continuing care communities in New Hampshire, by implementing enhanced protections for residents. Key provisions include new requirements for certificates of authority, annual reporting, and life care contracts, as well as revised escrow requirements for entrance fees. The bill establishes a residents' bill of rights, mandates that providers notify the insurance department of any intended sale or transfer of the community, and may require providers to submit a financial plan to demonstrate their solvency. Notably, the bill introduces new definitions for continuing care contracts and retirement communities, and it prohibits any person or provider from soliciting funds without obtaining a certificate of authority from the commissioner.

Additionally, the bill emphasizes transparency and consumer protection by mandating detailed disclosure statements for prospective residents, including information about the provider's financial obligations and operational status. It introduces a 15-day rescission period for contract cancellations, allowing residents to receive a full refund of their entrance fee, and outlines conditions for contract termination by either party. The bill also empowers the commissioner to intervene in cases of insolvency or failure to maintain required reserves, ensuring that residents' interests are prioritized. Overall, the legislation aims to enhance the rights and protections of residents in continuing care facilities while holding providers accountable for their financial responsibilities.