New Jersey Administrative Code
Title 5 - COMMUNITY AFFAIRS
Chapter 19 - CONTINUING CARE RETIREMENT COMMUNITY RULES
Subchapter 8 - NONBINDING RESERVATION AGREEMENTS
Section 5:19-8.1 - Scope
Universal Citation: NJ Admin Code 5:19-8.1
Current through Register Vol. 56, No. 18, September 16, 2024
Upon application to and certification by the Department as provided in 5:19-8.2 below, a provider may accept a nominal sum, not to exceed 10 percent of the entrance fee, which sum shall be held in trust, as a nonbinding reservation for the purpose of determining the market demand for a proposed continuing care retirement community and shall not be deemed to be an offer or disposition of an interest therein, provided the provider shall do so under the terms and conditions contained in this subchapter.
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