N.Y. Comp. Codes R. & Regs. tit. 10, § 903.6 – Priority reservation fees and agreements.

(a) A prospective resident shall have the right to cancel the priority reservation agreement upon written notification to the prospective applicant, applicant or operator and/or to the escrow agent.
(b) A prospective applicant, applicant or operator shall have the right to cancel the priority reservation agreement upon written notification to the prospective resident or his/her representative and to the escrow agent.
(c) Priority reservation fees may not exceed $2,000 and must be deposited directly with an escrow agent pursuant to section 903.5 of this Part.
(d) Priority reservation application fees collected from prospective residents upon application for a priority reservation may not exceed $250.
(e) Priority reservation fees may only be collected pursuant to a written priority reservation agreement between the entity authorized to enter into such agreements pursuant to section 903.4 of this Part and a prospective resident or a prospective resident's legal representative and only upon issuance of such agreement to the prospective resident or his or her legal representative.
(f) The priority reservation agreement must include at a minimum, the following information:
1. (1) the name and location of the community or the proposed community;
2. (2) the name and address of the prospective applicant or applicant, or in the case of an existing community operating under a certificate of authority, the operator;
3. (3) the name, address and phone number of a contact person;
4. (4) the name and address of the person paying the reservation fee;
5. (5) the name and address of the escrow agent;
6. (6) the type of unit being reserved;
7. (7) the estimated entrance fee and monthly fee clearly identified as an estimate or in the case of an existing community operating under a certificate of authority, the current entrance fee and monthly fee with a statement indicating that these fees are subject to change and may be changed by the time the prospective resident enters into a life care contract with the operator;
8. (8) the signature of the person paying the reservation fee and the signature of the prospective applicant or applicant, operator or their agent;
9. (9) a statement of the effective period of the agreement not to exceed the duration of the commissioner's authorization pursuant to section 903.4(c) of this Part; and
10. (10) a statement of the refund policy pertaining to priority reservation application fees;
11. (11) in the case of a proposed community, the following notices in bold 12-point type:
  1. (i) the cancelable priority reservation agreement does not obligate the person entering into the agreement in any way;
  2. (ii) there is no guarantee by the prospective applicant or applicant, that the fees estimated in the agreement will not change;
  3. (iii) the community described is only a proposed community and any model units are only representative of units in a proposed community which is subject to a formal submission of a certificate of authority application by the prospective applicant or applicant, and its subsequent approval or disapproval by the Life Care Community Council;
  4. (iv) there is no guarantee that the unit described in the agreement or represented by any model unit will be built or otherwise made available as described or at all;
  5. (v) the person paying the priority reservation fee may receive a refund of the fee with interest earned at the prevailing rates upon request; and
  6. (vi) should a certificate of authority be issued by the Life Care Community Council to the prospective applicant or applicant, the prospective resident shall be entitled on a priority basis to apply the reservation fee to an actual entrance fee or entrance fee deposit on a unit not already under contract; and
12. (12) in the case of an existing community operating under a certificate of authority, the following notices in bold 12-point type:
  1. (i) the cancelable priority reservation agreement does not in any way obligate the person entering into the agreement;
  2. (ii) there is no guarantee by the operator that the current fees set forth in the reservation agreement will not change;
  3. (iii) the person paying the priority reservation fee may receive a refund of the fee with interest accrued at the prevailing rates upon request; and
  4. (iv) the person paying the fee shall be entitled on a priority basis to apply the reservation fee to an actual entrance fee or entrance fee deposit on a unit not already under contract.