As used in this article 49, unless the context otherwise requires: “Aged person” means any person sixty-two years of age or older. “Board” means the financial services board created in section 11-44-101.6. “Commissioner” means the state commissioner of financial services, serving in accordance with section 11-44-102. “Entrance fee” means the total of any initial or […]
Each provider shall establish an escrow account that provides that all of any entrance fee received by the provider prior to the date the resident is permitted to occupy his or her living unit in the facility be placed in escrow with a bank, trust company, or other licensed corporate escrow agent located in Colorado […]
If the agreement permits withdrawal or dismissal of the resident from the life care institution prior to the expiration of the agreement, with or without cause, an amount equal to the difference between the amount paid in and the amount used for the care of the resident during the time he or she remained in […]
The commissioner shall record with the county clerk and recorder of any county a notice of lien on behalf of all residents who enter into life care contracts with a provider to secure performance of the provider’s obligations to residents pursuant to life care contracts. All reasonable costs of recording the lien shall be paid […]
Any provider shall maintain reserves covering obligations under all life care agreements. The reserves shall be equivalent to the sum of the following: For those debt obligations that are collateralized by the provider’s facility and that require a balloon payment, the amount of interest due and payable or accrued in the next eighteen months. For […]
Each provider shall file an annual report with the commissioner within ninety days after the end of its fiscal year that contains the certified financial statements for each facility and such other information as may be required by the commissioner. The annual report shall be made in a form prescribed by the commissioner. A provider […]
The commissioner may conduct an examination of the affairs of any provider as often as the commissioner deems it necessary for the protection of the interests of the people of this state. Providers shall maintain copies of their books and records in Colorado to provide access for the purposes of this article 49. The commissioner […]
The board may promulgate reasonable rules in accordance with article 4 of title 24 for effectuating any provision of this article 49. Source: L. 2017: Entire article added with relocations, (SB 17-226), ch. 159, p. 573, § 1, effective August 9. Editor’s note: This section is similar to former § 12-13-111 as it existed prior […]
[ Editor’s note: This version of this section is effective until March 1, 2022. ] Any person acting in the capacity of a provider who enters into a life care contract, or extends the term of an existing life care contract, without acting in compliance with the provisions of this article 49 is guilty of […]
The provisions of this article 49 shall not apply to any hospital or other facility that the department of public health and environment is authorized to license pursuant to part 1 of article 1.5 and part 1 of article 3 of title 25; except that nursing care facilities and assisted living residences that are part […]
Each life care contract shall be written in a clear and coherent manner using words with common and everyday meanings and shall: Show the value of all property transferred, including but not limited to donations, subscriptions, fees, and any other amounts initially paid or payable by or on behalf of the prospective resident; Show all […]
Every provider shall maintain a register setting forth the following facts concerning each person residing in the life care institution: Name; Last previous address; Age; Nearest of kin, if any; Mother’s maiden name; The person responsible for each resident’s care and maintenance; Such other data as the commissioner may reasonably require. Source: L. 2017: Entire […]
Any report, circular, public announcement, certificate, or financial statement, or any other printed matter or advertising material that is designed for or used to solicit or induce persons to enter into any life care contract, and that lists or refers to the name of any individual or organization as being interested in or connected with […]
The commissioner may bring an action, through the attorney general, to enjoin the threatened violation or continued violation of the provisions of this article 49 or of any of the rules promulgated pursuant to this article 49, in the district court for the county in which the violation occurred or is about to occur. Any […]
The provisions of this article 49 shall not prevent local authorities of any county, city, town, or city and county, within the reasonable exercise of the police power, from adopting rules, by ordinance or resolution, prescribing standards of sanitation, health, and hygiene for facilities that are not in conflict with the provisions of this article […]
