New Mexico Administrative Code
Title 7 - HEALTH
Chapter 8 - RESIDENTIAL HEALTH FACILITIES
Part 2 - ASSISTED LIVING FACILITIES FOR ADULTS
Section 7.8.2.30 - HANDLING OF RESIDENT FUNDS
Universal Citation: 7 NM Admin Code 7.8.2.30
Current through Register Vol. 35, No. 6, March 26, 2024
A. Each resident has the right to manage their personal funds in accordance with state or federal laws.
B. If the facility agrees, the resident may entrust his or her personal funds to the facility for safekeeping and management. In such cases, the facility shall:
(1) have written authorization from the
resident or his or her surrogate decision maker;
(2) maintain a written record of all
financial transactions and arrangements involving the resident's funds and make
this written record available upon request, to the resident, his or her
surrogate decision maker and the licensing authority;
(3) safeguard any and all funds received from
the resident in an account separate from all other funds of, or held by, the
facility;
(4) upon written or
verbal request by the resident or his or her surrogate decision maker, return
to the resident all or any part of the resident's funds given to the facility
for safekeeping and management, including all accrued interest if applicable;
and
(5) upon the resident's death,
will transfer all personal funds held by the facility to the resident's estate
in accordance with Section
45-3-709
NMSA 1978.
C. The facility shall not commingle the resident's funds, valuables or property with that of the licensee. Resident's funds, valuables or property shall be maintained separate, intact and free from any liability of the licensee, staff and management.
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