New Mexico Administrative Code
Title 9 - HUMAN RIGHTS
Chapter 2 - AGE
Part 24 - THE ADMINISTRATION OF THE CONTINUING CARE ACT
Section 9.2.24.8 - RATE AND FEE INCREASES
Current through Register Vol. 35, No. 18, September 24, 2024
A. A continuing care contract shall state, in clear and understandable language, when rates and fees will be subject to periodic increases and what the policy for increases will be. The contract shall include the policy for increases and shall clearly indicate which of the four factors referenced in Subsection C of 9.2.24.8 NMAC it will utilize for rate and fee increases.
B. A continuing care community shall give residents at least 30 days advance written notice of any rate or fee increase.
C. A continuing care community shall base rate and fee increases on one or more of the following four factors referenced in its contract and policy, and no others:
D. Any publicly available documentation used by a continuing care community to support a rate or fee increase shall conform to applicable GAAP standards and shall be included in the notice provided to residents referenced in Subsection B of 9.2.24.8 NMAC. Additionally, the community shall supply the mathematical calculations used to support a rate or fee increase to at least two decimal places. Any non-public documentation shall be aggregated into summarized budgets or pro forma financials.
E. A continuing care community may contractually base rate and fee increases on published federal economic data used for the purpose of cost of living and inflation adjustments provided that such increases do not exceed what would otherwise be allowable under this rule.
