Vermont § 8018 Resident Assistance Fund

Vermont Statutes

§ 8018 — Resident Assistance Fund

Vermont § 8018

Title 8Title 8: Banking and Insurance

Ch. 151Chapter 151: Continuing Care Retirement Communities

This text of Vermont § 8018 (Resident Assistance Fund) is published on Counsel Stack Legal Research, covering Vermont primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Vt. Stat. Ann. tit. 8, § 8018 (2026).

Text

(a)A provider shall establish a Resident Assistance Fund for the purpose of assisting residents who are unable to meet a portion of periodic or other charges of the provider.

(b)The Fund shall be established by an initial contribution of at least $25,000.00 from the provider and may contain any additional amounts contributed by the provider or residents.

(c)The Fund, including any interest earned on monies in the Fund, shall be used for the sole purpose of assisting residents who have financial difficulties that impair their ability to meet monthly fees and other charges.

(d)The Fund shall be administered by the operator of the facility and a committee of residents, designated by the residents, for the exclusive benefit of the residents in a manner approved by the Commissioner.

(e)The

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(a) A provider shall establish a Resident Assistance Fund for the purpose of assisting residents who are unable to meet a portion of periodic or other charges of the provider.
(b) The Fund shall be established by an initial contribution of at least $25,000.00 from the provider and may contain any additional amounts contributed by the provider or residents.
(c) The Fund, including any interest earned on monies in the Fund, shall be used for the sole purpose of assisting residents who have financial difficulties that impair their ability to meet monthly fees and other charges.
(d) The Fund shall be administered by the operator of the facility and a committee of residents, designated by the residents, for the exclusive benefit of the residents in a manner approved by the Commissioner.
(e) The Fund shall be subject to an annual independent audit. The independent audit may be filed and submitted in accordance with one of the following methods:
(1) an audited financial statement of the Fund shall be included as a separate schedule of supplementary information in the provider’s audited annual statement required under subsection 8002(g) of this title; or
(2) an audited financial statement of the Fund shall be submitted annually to the residents and the Commissioner. (Added 1987, No. 247 (Adj. Sess.), § 1; amended 2009, No. 137 (Adj. Sess.), § 13.)