Section 71A1/2 Deposit of inpatient or resident funds - Massachusetts Statutes

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Statutes > Massachusetts > PARTI > TITLEXVI > CHAPTER111 > Section71A1_2

Section 71A1/2. The administrator of any facility licensed pursuant to section seventy-one shall deposit in an interest-bearing account of any bank organized and existing under the laws of the commonwealth, funds of any person who is an inpatient or resident at such facility, if such administrator agrees to manage such funds at the request of such person or the fiduciary of such person or if the administrator is a fiduciary of such person. The words “fiduciary” and “fund” shall have the same meaning found in section one of chapter one hundred and twenty-three. The interest earned on any interest-bearing account shall be distributed or credited in one of the following ways, at the election of the facility: (a) pro-rated to each patient on an actual interest earned basis for individual accounts or (b) pro-rated to each patient on the basis of his end of quarter or nearest end of month balance for collective accounts. The department shall promulgate rules and regulations to implement this section.

State Codes and Statutes

Statutes > Massachusetts > PARTI > TITLEXVI > CHAPTER111 > Section71A1_2

Section 71A1/2. The administrator of any facility licensed pursuant to section seventy-one shall deposit in an interest-bearing account of any bank organized and existing under the laws of the commonwealth, funds of any person who is an inpatient or resident at such facility, if such administrator agrees to manage such funds at the request of such person or the fiduciary of such person or if the administrator is a fiduciary of such person. The words “fiduciary” and “fund” shall have the same meaning found in section one of chapter one hundred and twenty-three. The interest earned on any interest-bearing account shall be distributed or credited in one of the following ways, at the election of the facility: (a) pro-rated to each patient on an actual interest earned basis for individual accounts or (b) pro-rated to each patient on the basis of his end of quarter or nearest end of month balance for collective accounts. The department shall promulgate rules and regulations to implement this section.

State Codes and Statutes

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State Codes and Statutes

Statutes > Massachusetts > PARTI > TITLEXVI > CHAPTER111 > Section71A1_2

Section 71A1/2. The administrator of any facility licensed pursuant to section seventy-one shall deposit in an interest-bearing account of any bank organized and existing under the laws of the commonwealth, funds of any person who is an inpatient or resident at such facility, if such administrator agrees to manage such funds at the request of such person or the fiduciary of such person or if the administrator is a fiduciary of such person. The words “fiduciary” and “fund” shall have the same meaning found in section one of chapter one hundred and twenty-three. The interest earned on any interest-bearing account shall be distributed or credited in one of the following ways, at the election of the facility: (a) pro-rated to each patient on an actual interest earned basis for individual accounts or (b) pro-rated to each patient on the basis of his end of quarter or nearest end of month balance for collective accounts. The department shall promulgate rules and regulations to implement this section.