Each nursing home facility shall: (1) On or before the admission of each patient provide such patient or such patient’s legally liable relative, guardian or conservator with a written statement explaining such patient’s rights regarding the patient’s personal funds and listing the charges which may be deducted from such funds. Such statement shall explain that the nursing home facility shall on and after October 1, 1992, pay interest at a rate not less than four per cent per annum and on and after October 1, 1994, pay interest at a rate not less than five and one-half per cent per annum on any security deposit or other advance payment required of such patient prior to admission to the nursing home. In the case of patients receiving benefits under Title XVIII or XIX of the federal Social Security Act the statement shall include a list of charges not covered by said titles and not covered by the basic per diem rate provided by said titles. Upon delivery of such statement the person in charge of the nursing home facility shall obtain a signed receipt acknowledging such delivery; (2) upon written consent or request of the patient or the patient’s legally liable relative, guardian or conservator, manage such patient’s personal funds, provided such consent by a patient shall not be effective unless cosigned by the patient’s legally liable relative or guardian if such patient has been determined by a physician to be mentally incapable of understanding and no conservator has been appointed. As manager of such personal funds the nursing home facility shall: (A) Either maintain separate accounts for each patient or maintain an aggregate trust account for patients’ funds to prevent commingling the personal funds of patients with the funds of the facility. The facility shall notify in writing each patient receiving Medicaid assistance or such patient’s legally liable relative, guardian or conservator when the amount in the patient’s account reaches two hundred dollars less than the dollar amount determined under the Medicaid program as the maximum for eligibility under the program and advise the patient or such patient’s legally liable relative, guardian or conservator that if the amount in the account plus the value of the patient’s other nonexempt resources reaches the maximum the patient may lose his or her Medicaid eligibility; (B) obtain signed receipts for each expenditure from each patient’s personal funds; (C) maintain an individual itemized record of income and expenditures for each patient, including quarterly accountings; and (D) permit the patient or the patient’s legally liable relative, guardian or conservator, and the regional long-term care ombudsman, and representatives from the Departments of Social Services and Public Health, access to such record; and (3) (A) refund any overpayment or deposit from a former patient or such patient’s legally liable relative, guardian or conservator within thirty days of the patient’s discharge and (B) refund any deposit from an individual planning to be admitted to the facility within thirty days of receipt of written notification that the individual is no longer planning to be admitted. A refund issued after thirty days shall include interest at a rate of ten per cent per annum. For the purposes of this section “deposit” shall include liquidated damages under any contract for pending admission.