A resident may: Manage the resident’s financial affairs; or Consistent with State law, choose any individual who is willing and able to handle the resident’s financial affairs. An assisted living program may refuse to handle a resident’s financial affairs. An assisted living program may not manage a resident’s funds without an express written request from the: Resident; or Resident agent. Management of Personal Funds. On the written authorization of a resident or resident agent, an assisted living program shall hold, safeguard, manage, and account for the resident’s personal funds as specified in this regulation. Safeguards Required. Each assisted living program shall develop adequate safeguards to secure the personal funds of a resident that are entrusted to the assisted living program. An assisted living program to which $300 or more of a resident’s personal funds is entrusted shall deposit the money in an interest-bearing bank account. If an assisted living program is entrusted with a resident’s personal funds that are less than $300, the assisted living program may deposit the funds in a bank account. An assisted living program that manages residents’ personal funds, regardless of the amount managed, shall maintain on behalf of the residents: A bond, with the State as obligee, equal to the average monthly balance of all the funds held or managed by the assisted living program for the residents of the facility; A letter of credit, with the State as obligee, equal to the average monthly balance of all the funds held or managed by the assisted living program for the residents of the facility; or Net assets equal to the average monthly balance of all the funds held or managed by the assisted living program for the residents of the facility. The bond, letter of credit, or list of assets shall be kept at the assisted living program for inspection by the Department or its designee. Establishment of Resident Accounts. When an assisted living program manages a resident’s financial affairs, the assisted living program shall: Establish and maintain a system that ensures a full, complete, and separate accounting, in accordance with generally accepted accounting principles, of a resident’s personal funds entrusted to the assisted living program; and Keep the accounts of its residents separate from the accounts of the facility. Bank accounts opened for residents’ personal funds by an assisted living program shall have minimal or no fees. Any interest earned on the bank accounts shall accrue to the resident. Any fees charged by the bank for the maintenance of the account shall be paid by the resident. Records of Resident Personal Funds. For all resident funds entrusted to an assisted living program, the assisted living program shall: Maintain an individual record for each resident, which includes the following information for each transaction: The date of the transaction; The type of transaction, that is, whether it is a deposit, withdrawal, or any other transaction; and The balance of funds after the completion of the transaction; Make available for inspection by the resident, or, when applicable, the resident agent or resident representative, a statement of the resident’s account; and Make available at the assisted living program, for audit by the Department or its designee, records pertaining to each resident’s personal funds, including the written authorization required by §D of this regulation. Fire and Theft Coverage. For all resident funds entrusted to an assisted living program, the assisted living program shall establish and maintain adequate fire and theft coverage to protect a resident’s funds that are on the premises of the assisted living program. Availability of Personal Funds. A resident or, if applicable, the resident’s legally authorized representative, has the right to access funds entrusted to the assisted living program: During normal business hours, if the funds are held within the facility; or Within 3 banking days, if a bank, the State, or a county or municipal treasurer holds the money. If an assisted living program transfers or discharges a resident, the assisted living program shall: Request and follow the resident’s written instructions for transferring the resident’s funds; Return, upon the resident’s or, when applicable, the resident agent’s demand, the resident’s money that the assisted living program has in its possession and have the resident or resident agent sign a receipt for the money; or Make available to the resident or the resident agent, within 3 banking days, the resident’s money which is held in an account with a bank, the State, or a county or municipal treasurer. Ownership Change. If the ownership of an assisted living program changes, the previous owner, with the approval of each resident, shall give the new owner a certified written audit of all funds that residents have entrusted to the assisted living program. The new owner shall give to the previous owner a signed receipt acknowledging the receipt of the accounts. The new owner shall comply with the safeguard requirements of §E of this regulation. If the resident wants the new owner to hold, safeguard, manage, or account for the residents personal funds, then a new written authorization in compliance with §D of this regulation shall be executed. Resident Liability. A resident is not liable for any act or omission of the assisted living program concerning the finances of the assisted living program or the resident.