(a) Before an assisted living home accepts the money of a resident for safekeeping and management, the home shall obtain written authorization from the resident or the resident’s representative or representative payee. The authorization must
(1) be attested to by a competent witness who has no pecuniary interest in the home or its operations, and who is not connected to the home or its operations in any manner;
(2) indicate exactly which or how much of the resident’s money the assisted living home is authorized to manage;
(3) provide for an amount not to exceed $100 a month that the assisted living home may keep on hand for the resident to use to meet that resident’s day-to-day needs, unless the resident has other sources of money for that purpose.
(b) A home shall establish a system for residents to request withdrawals from the daily-needs money that the home controls. The home shall advise the resident of the available balance of the daily needs money at the time of each withdrawal and shall keep a record of all withdrawals and balances.
(c) After receiving authorization from the resident or resident’s representative to manage the resident’s money for the resident, the assisted living home shall
(1) promptly deposit all of the resident’s money that the home is authorized to manage,
except the money in the resident’s daily needs fund, in an interest-bearing designated trust account in a
bank, savings and loan association, or licensed escrow agent, insured by the Federal Deposit Insurance
Corporation (FDIC), separate from other money and property of the home; and
(2) provide in writing to the resident, or the resident’s representative, the account
number and the name and address of the financial institution in which the resident’s money has been
deposited.
(d) An assisted living home that is authorized to manage the money of more than one resident
may deposit it in a common designated residents’ trust account only if the home has the capability of
tracking the account activity specific to each resident, and then issuing a detailed statement of each
resident’s money to those residents whose money is commingled in the same account. Those statements shall be provided at least quarterly.
(e) When managing the money of a resident, the assisted living home shall, in accordance with the resident’s assisted living plan, spend money only to meet the needs of the resident.
(f) When managing the money of residents through deposits in separate trust accounts, the
assisted living home shall
(1) provide each resident or the resident’s representative with a copy of each written account statement from the financial institution in which the money has been deposited; and
(2) provide each resident or the resident’s representative, without charge, a written, itemized statement, at least quarterly, of all financial transactions involving the resident’s money being managed by the home.
(g) Upon a written request by the resident or the resident’s representative, the assisted living
home shall return to the resident or the resident’s representative, within three business days, as much ofthe resident’s money as requested, including any interest accrued from deposits. The money may be returned by means of a check.
(h) Upon a voluntary or involuntary termination of the resident’s assisted living contract, the
assisted living home shall, within three business days, return to the resident or the resident’s
representative at least 90 percent of the resident’s money, less any accrued charges, whether the money is in a designated trust account or in the resident’s daily-needs account. The home shall return all remaining money belonging to the resident within 60 calendar days after termination of the contract.
(i) An assisted living home shall provide a complete accounting of the resident’s money to the personal representative, as defined in AS 13.06.050, of a resident’s estate within 30 days after the resident’s death. In the absence of a personal representative, the home shall provide the accounting and the deceased resident’s assets to the public administrator appointed under AS 22.15.310.
(j) If a home or the entity operating the home is sold, the home shall provide the buyer with written verification of all resident money the home is authorized to manage and obtain a signed receipt for such money from the new owner.