Title Licensure – Change of Ownership (CHOW)
Statute or Rule 58A-5.014 FAC Type Rule ST – A0003
– Licensure – Change of Ownership (CHOW)
(2) CHANGE OF OWNERSHIP. In addition to the requirements for a change of ownership contained in Part II, Chapter 408, F.S., Section 429.12, F.S., and Rule Chapter 59A-35, F.A.C., the following provisions relating to resident funds apply pursuant to Section 429.27, F.S.: (a) At the time of transfer of ownership, all resident funds on deposit, advance payments of resident rents, resident security deposits, and resident trust funds held by the current licensee must be transferred to the applicant. Proof of such transfer must be provided to the agency at the time of the agency survey and before the issuance of a standard license. This provision does not apply to entrance fees paid to a continuing care facility subject to the acquisition provisions in Section 651.024, F.S. (b) The transferor must provide to each resident a statement detailing the amount and type of funds credited to the resident for whom funds are held by the facility. (c) The transferee must notify each resident in writing of the manner in which the transferee is holding the resident ‘ s funds and state the name and address of the depository where the funds are being held, the amount held, and the type of funds credited.