§ 151.7. Disclosure statements.
(a) Disclosure statements shall contain the information required by section 7 of the act (40 P. S. § 3207) and the information required by this section.
(b) The first page of the disclosure statement shall be a cover page, which shall contain the information required by section 7(a)(12) of the act (40 P. S. § 3207(a)(12)).
(c) The disclosure statement shall include a page containing a summary of the information presented in the statement, as outlined in paragraphs (1)—(8):
(1) The name and address of the facility.
(2) The name and address of the licensed provider.
(3) The name, location and telephone number of the person to be contacted to discuss admissions.
(4) A description of the physical property of the facility, including the following facts:
(i) A designation of the facility as urban, suburban or rural.
(ii) The number of acres occupied by the facility.
(iii) A specification of the type of residential units available—such as high-rise apartments, single level buildings, two-story townhouses, and the like.
(5) A specification of the minimum age for admission, including exceptions for spouses/companions.
(6) A disclosure of the provider’s or facility’s affiliation with religious, fraternal, charitable or other nonprofit organizations with an identification of the affiliated organizations.
(7) A statement of the current resident population.
(8) A sample of the fees charged to residents based upon occupancy of a one bedroom unit by one and two persons, including entrance and periodic fees. The information summary shall be provided in numbered paragraph form, as specified in this subsection, so that consumers can easily compare the disclosure statements of several facilities. Additionally, the summary data will be used by the Department in compiling information for its publication of a consumer’s guide to continuing care facilities and its annual directory of continuing care facilities.
(d) The certified financial statements required to be contained in disclosure statements, under section 7(a)(9) of the act (40 P. S. § 3207(a)(9)), shall be prepared in accordance with Chapter 147 (relating to annual audited insurers’ financial report required).
(e) Amendments to disclosure statements may be filed with the Department at any time. A filing should be accompanied by a cover letter briefly outlining the sections of the disclosure statement amended. Changes in the operation of a provider or facility which require an amendment to a disclosure statement include, but are not limited to, the following:
(1) Changes in the board of directors, officers, managing or general partners, administrators or trustees and managers which affect the management of a facility. Biographical affidavits by these individuals shall be filed with the Department at the time an amended disclosure statement is filed.
(2) New or additional mortgages, liens, security interests, loan commitments, long-term financing arrangements or leases, which transaction materially affects the real property of the facility. A copy of all pertinent documents evidencing the transactions shall be filed with the Department at the time an amended disclosure statement is filed.
(3) Other material changes in the financial or factual information contained in the disclosure statement or statement in support of the provider’s original application for a certificate of authority. Explanatory material and copies of pertinent documents concerning the material changes shall be filed with the Department at the time an amended disclosure statement is filed.
(f) Every provider shall maintain copies of all disclosure statements filed with the Department, including amended disclosure statements, for at least 4 years, or until the conclusion of the next succeeding examination by the Department, whichever is later.
Authority The provisions of this § 151.7 amended under the Continuing Care Provider Registration and Disclosure Act (40 P. S. § § 3201—3225).
Source The provisions of this § 151.7 adopted March 15, 1985, effective March 16, 1985, 15 Pa.B. 1051; amended August 20, 2004, effective August 21, 2004, 34 Pa.B. 4598. Immediately preceeding text appears at serial pages (212768) to (212770).
Cross References This section cited in 31 Pa. Code § 151.3 (relating to certificates of authority).
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