The life care contract shall provide that any person entering into the contract shall have a period of seven days beginning with the first full calendar day following the last to occur of the execution of the contract, the payment of an initial sum of money as a deposit or application fee, or receipt of a copy of the provider's application or most recent annual report within which to rescind the life care contract without penalty or further obligation. In the event of such rescission, all money or property paid or transferred by such person shall be fully refunded by the provider. No person shall be required to move into a facility until after the expiration of the seven-day rescission period.
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