N.H. Admin. Code § Ins 1808.03 - Disclosure Statements

(a) A CCRC shall submit all disclosure statements to the commissioner for prior approval. No CCRC shall distribute a disclosure statement in any manner to prospective residents, residents or residents' authorized representatives, until the commissioner has approved the format of the disclosure statement.

(b) To obtain approval for the disclosure statement, the CCRC shall submit to the commissioner:

(1) A copy of the proposed disclosure statement;

(2) A cover letter, which shall briefly describe the main features of the disclosure statement; and

(3) The examination fee required by Ins 1809.

(c) The commissioner shall approve the proposed disclosure statement if the commissioner finds that it complies with all requirements of RSA 420-D and this part.

(d) The commissioner shall notify the CCRC when the commissioner has approved or disapproved the disclosure form.

(e) The CCRC shall submit to the commissioner for his approval any revision or amendment to an approved disclosure statement. This submission shall include a copy of the revised disclosure statement or amendment thereto, a cover letter and the fee required by Ins 1809. The cover letter shall list and describe each amendment or revision made to the previously approved disclosure statement. Upon review of the amendment or revision to the disclosure statement, the commissioner shall notify the CCRC of his approval or disapproval. The commissioner shall approve the amendment or revision to the disclosure statement if the commissioner finds that it complies with all requirements of RSA 420-D and this part.

(f) In addition to the requirements of RSA 420-D:4 and Ins 1808.01, the disclosure statement shall comply with the following rules:

(1) The disclosure statement shall include a statement advising the prospective resident that New Hampshire law requires the CCRC to provide the prospective resident with a disclosure statement before the initial transfer of funds and before the prospective resident consents to any contract with the CCRC; and

(2) The notice required by RSA 420-D:4, I shall appear on the cover page of the disclosure statement in a prominent location and typeface.

(g) Changes in the operation of a CCRC which require an amendment to the disclosure statement shall include the following:

(1) Changes in the board of directors, officers, managing or general partners, administrators or trustees and managers which affect the management of the CCRC. The CCRC shall file biographical affidavits by these individuals with the commissioner at the time the CCRC submits an amended disclosure statement;

(2) Any new or additional mortgages, liens, security interests, loan commitments, long-term financing arrangements or leases, which materially affects the real property of the CCRC. The CCRC shall file a copy of all pertinent documents evidencing the transactions with the commissioner at the time the CCRC submits an amended disclosure statement; and

(3) Other material changes in the financial or factual information contained in the disclosure statement or any statement in support of the CCRCs original application for a certificate of authority. The CCRC shall file explanatory material and copies of pertinent documents concerning the material changes with the commissioner at the time the CCRC submits an amended disclosure statement.

(h) All disclosure statements shall be printed in 12 point type or larger.

Notes

N.H. Admin. Code § Ins 1808.03

#7014, eff 7-1-99; EXPIRED: 7-1-07

New. #8991, eff 10-1-07

Amended by Volume XXXV Number 45, Filed November 12, 2015, Proposed by #10944, Effective 10/8/2015, Expires 10/8/2025.