388-107-1650  <<  388-107-1660 >>   End of Chapter

WAC 388-107-1660

Management agreementsResident funds.

(1) If the management agreement delegates day-to-day management of resident funds to the manager, the licensee:
(a) Retains all fiduciary and custodial responsibility for funds that have been deposited with the enhanced services facility by the resident;
(b) Is directly accountable to the residents for such funds; and
(c) Must ensure any party responsible for holding or managing residents' personal funds is bonded or obtains insurance in sufficient amounts to specifically cover losses of resident funds; and provides proof of bond or insurance.
(2) If responsibilities for the day-to-day management of the resident funds are delegated to the manager, the manager must:
(a) Provide the licensee with a monthly accounting of the resident funds; and
(b) Meet all legal requirements related to holding, and accounting for, resident funds.
[Statutory Authority: Chapter 70.97 RCW. WSR 14-19-071, § 388-107-1660, filed 9/12/14, effective 10/13/14.]
Site Contents
Selected content listed in alphabetical order under each group