N.Y. Comp. Codes R. & Regs. tit. 10 § 903.3

Current through Register Vol. 46, No. 50, December 11, 2024

Section 903.3 - Application for commissioner's authorization

(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;

(2) for priority reservation applicants that have already been issued a certificate of authority, the following:

(i) a narrative description of the plan to implement the process of entering into priority reservation agreements and for soliciting, collecting or receiving priority reservation application fees and refundable reservation fees;

(ii) the name and address of the escrow agent and a copy of the escrow agreement prepared in accordance with the provisions of section 903.5 of this Part;

(iii) a copy of the instructions to the escrow agent regarding refunds of priority reservation fees;

(iv) a copy of the form(s) used to document requests for refunds of priority reservation fees and the issuance of such refunds;

(v) 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;

(vi) 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;

(vii) a description of the sales office and drawings of any proposed model units;

(viii) a copy of the proposed priority reservation agreement prepared in accordance with section 903.6 of this Part; and

(ix) such additional pertinent information or documents necessary for the commissioner's determination, as requested.

N.Y. Comp. Codes R. & Regs. Tit. 10 § 903.3