State Representative Mike D'Agostino testifying at a Human Services Committee hearing on
his proposed "Bill of Rights" bill for Continuing-Care Retirement Communities.
January 30, 2015
State Representative Mike D’Agostino has introduced a bill that would provide greater protections for residents of Continuing-Care Retirement Communities (CCRC’s).
State Representative Mike D'Agostino testifying at a Human Services Committee hearing on
his proposed "Bill of Rights" bill for Continuing-Care Retirement Communities.
His proposed legislation, House Bill 5358, “An Act Establishing A Bill Of Rights For Residents Of Continuing-Care Retirement Communities” is being considered by the General Assembly’s Human Services Committee.
Rep. D’Agostino explained that many residents of these facilities invest their life savings in a CCRC contract, but current laws and regulations do not cover unsafe gaps regarding financial disclosure and state oversight, particularly if a CCRC is facing an unsafe financial condition, or with undisclosed expansion or growth plans not fully prudent in their financial condition.
“The purpose of the legislation is to protect the interests of residents who live in these continuing-care retirement communities, for example like residents who live at the Whitney Center in Hamden,” Rep. D’Agostino said. “The intent is to create an early warning and safety net calling for disclosure, discussion, and a remediation plan when the financial condition of a CCRC could jeopardize the stewardship promised to the residents.”
Rep. D-Agostino’s proposed bill would require supplemental financial reporting to CCRC residents, the Commissioner of the Department of Social Services, and the Attorney General, if and when a CCRC falls below certain financial condition parameters, if not addressed under a plan to and approved by the Commissioner and could lead to financial distress impairing the ability of the CCRC to keep its commitments to CCRC residents.
Rep. D’Agostino is Vice Chairman of the Planning and Development Committee and serves on the Education and Finance, Revenue and Bonding Committees.