New Jersey § 52:27d-340
Full text of New Jersey New Jersey Statutes § 52:27d-340, with citation guidance and answers to common questions.
§ 52:27d-340.
a. The commissioner may require a provider to establish and maintain in escrow, on
a current basis with a bank, trust company or other escrow agent approved by the department,
a portion of all entrance fees received by the provider in an aggregate amount not
to exceed the total of all principal and interest payments due during the next 12
months on account of any first mortgage loan or other long-term financing of the facility. The provider may invest the funds in the escrow account, with the earnings thereon
payable to the provider. If the provider so requests in writing, the escrow agent shall release up to 1 / 12 of the original principal balance of the escrow account. The escrow agent shall not so release funds more than once during any calendar month,
and then only after the escrow agent has given written notice to the commissioner
at least 10 days prior to the release. The amount of this escrow fund shall be included in satisfying the reserves required
pursuant to section 10 of this act. 1 b. This section is applicable only when the commissioner has cause to believe that
additional protection is necessary to secure the provider's performance of the terms
of all resident agreements. 1
N.J.S.A. § 52:27D-339.
Frequently Asked Questions About New Jersey § 52:27d-340
What does New Jersey Statutes § 52:27d-340 cover?
Section 52:27d-340 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 52:27d-340?
A common citation format is "New Jersey Statutes § 52:27d-340" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 52:27d-340 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.