{"data":{"id":"us-nc/n.c.-gen.-stat.-58-64a-50","jurisdiction":"us-nc","citation":"N.C. Gen. Stat. § 58-64A-50","heading":"Permit to accept deposits.","body":"(a)\tNo person shall market a proposed continuing care retirement community without a permit from the Commissioner. A person may apply for a permit by paying an application fee of two hundred dollars ($200.00) and filing an application on a form prescribed by the Commissioner. The application form shall include all of the following:\n(1)\tThe name, business address, and telephone number of the applicant.\n(2)\tThe name and business address of the applicant's controlling person, if control of the applicant does not reside with the applicant.\n(3)\tA proposed nonbinding reservation agreement.\n(4)\tA proposed escrow agreement that meets the requirements of G.S. 58-64A-105.\n(5)\tA description of the proposed continuing care retirement community which shall include all of the following:\na.\tThe location of the proposed continuing care retirement community.\nb.\tThe types of living units to be offered.\nc.\tThe types of continuing care contracts to be offered.\nd.\tA description of the services that will be provided to residents, including an indication if any services will be provided by any related parties or third parties.\ne.\tA description of the applicant's corporate structure and experience in developing or operating continuing care retirement communities, including the experience of any related party of the applicant.\n(b)\tThe Commissioner shall comply with the review schedule in G.S. 58-64A-70 in response to an application for a permit to accept deposits.\n(c)\tThe Commissioner shall approve an application for a permit to accept deposits if all of the following requirements are met:\n(1)\tThe application complies with this section.\n(2)\tNone of the grounds for denial listed in G.S. 58-64A-280 apply to the applicant.\n(3)\tThe proposed escrow agreement meets the requirements of G.S. 58-64A-105.\n(4)\tThe proposed escrow agent and depository are acceptable in accordance with G.S. 58-64A-100.\n(d)\tAfter the issuance of a permit to accept deposits, the applicant may do all of the following:\n(1)\tDisseminate materials describing the intent to develop a continuing care retirement community.\n(2)\tEnter into nonbinding reservation agreements.\n(3)\tCollect deposits in an amount not to exceed five thousand dollars ($5,000). All deposits collected shall be placed in escrow and shall only be released in accordance with Part 4 of this Article.\n(e)\tAfter the issuance of a permit to accept deposits, the Commissioner shall require the provider to file periodic status reports in a form prescribed by the Commissioner. (2025-58, s. 2.)","path":["Chapter 58. Insurance.","Article 64A. Continuing Care Retirement Communities.","Part 2. Approval, Certification, Licensure, and Permitting Process."],"source_url":"https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/BySection/Chapter_58/GS_58-64A-50.html","current_through":"S.L. 2026-30","vintage":"","retrieved_at":"2026-08-27T18:06:53Z","sha256":"de18f614a38fdc6a6e30ae5bff33edcbde9300bd4bb1da890afd07278ba98294","source_id":"us-nc","stale":false,"prev":"us-nc/n.c.-gen.-stat.-58-64a-45","next":"us-nc/n.c.-gen.-stat.-58-64a-55"},"notice":"GroundRules: Original legal text. Not legal advice."}