Continuing Care Consumer Protection Act

Continuing Care Consumer Protection Act - Directs that no federally assisted continuing care institution, including such institutions which are engaged in interstate commerce, may require any transfer of property, or any cash payment in addition to or in lieu of the institution's regular periodic charges for the care and services involved from any individual in return for, or as a condition of the provision to such individual of, medical, nursing, custodial, or other long-term care except under, and in accordance with, a written contract or agreement which sets forth the rights and obligations of the institution and such individual.

Sets forth requirements which must be met by such contracts in order to conform to this Act, including; (1) full written financial disclosure to potential patients prior to the time the contract is entered into; (2) a complete description of the services to be rendered; (3) a description of the method by which any payment is to be made; and (4) a statement that termination of the contract will be permitted upon 90-days notice to the nonterminating party.

Requires that the financial records of each institution subject to this Act shall be audited not less than once each year. Directs each such institution to maintain financial reserves sufficient to meet its obligations under continuing care contracts.

Specifies that in any case where an institution subject to this Act is in the process of construction or major rehabilitation at the time a payment is made to it, such payment shall be held in escrow.

States that any institution which fails to comply with the requirements of this Act shall be guilty of a misdemeanor and shall upon conviction thereof be fined not more than $5,000.

Allows any party to a continuing care contract, injured by reason of the institution's noncompliance with this Act, to sue therefor in the district court of the United States without respect to the amount in controversy, and shall be entitled to recover damages together with the cost of suit, including reasonable attorney's fees.