Sec. 350.12. Financial reports and information requests

(a) A continuing care retirement community shall submit to the superintendent an annual statement pursuant to Public Health Law section 4607.

(b) A continuing care retirement community shall submit to the superintendent a copy of any report submitted to a trustee pursuant to a mortgage loan, bond indenture or other long-term financing agreement within seven business days of submitting the report to the trustee. The continuing care retirement community may submit an electronic copy of the report in a form and manner acceptable to the superintendent. If the report is available for downloading from a publicly accessible internet location, the continuing care retirement community may utilize the report upon notification to the superintendent, if the report is in a form acceptable to the superintendent.

(c) The continuing care retirement community shall notify the superintendent at least 30 days prior to the sale or transfer to another entity of a class 1 or class 2 capital asset worth more than $250,000, unless the superintendent permits a shorter notification period when the date of sale or transfer is uncertain.

(d) The continuing care retirement community shall notify the superintendent at least 30 days prior to the acquisition of a class 1 or class 2 capital asset worth more than $250,000 or the signing of a lease for a building to be used to provide services to residents, unless the superintendent permits a shorter notification period when the date of acquisition or lease signing is uncertain.

(e) The continuing care retirement community shall promptly provide any additional information that the superintendent may require.