The bill SB 124-FN recodifies RSA 420-D, which regulates continuing care retirement communities (CCRCs) in New Hampshire, and introduces several amendments aimed at enhancing resident protections and financial accountability. Key insertions include expanded requirements for obtaining a certificate of authority, such as the submission of a projected annual budget for the next five years, a financial feasibility study, and a disaster recovery plan. The bill also establishes a "Residents' Bill of Rights," ensuring residents are informed of their rights and protections, and mandates that providers maintain a dedicated entrance fee escrow account to safeguard residents' financial interests. Additionally, it clarifies the conditions under which contracts can be canceled and outlines the rights of residents to receive refunds of unearned entrance fees.

The legislation emphasizes the importance of transparency and accountability in the management of CCRCs, particularly in light of recent financial instabilities in the sector. It includes provisions for annual financial reporting, the establishment of grounds for revocation of a provider's certificate of authority, and the requirement for clear communication regarding any material changes in the community's operations. The bill also prohibits deceptive advertising and mandates that all records and assets of a provider be maintained within the state. Overall, SB 124-FN aims to create a more equitable and supportive environment for residents, ensuring their financial security and enhancing their rights within continuing care communities.