20-1801. Definitions In this chapter, unless the context otherwise requires: 1. " Assets of a life care facility" means those assets held in the name of the life care facility only. 2. " Contract holder" means a person who enters into a life care contract with a provider or who is designated, in a life […]
20-1802. Permit required; application; definition A. No person may solicit or enter into a life care contract as a provider or as a provider extend the term of an existing life care contract except pursuant to this chapter. B. To qualify for a permit to enter into life care contracts with respect to a particular […]
20-1803. Issuance of permit A. The director shall review applications for completeness and issue a report of deficiencies to the applicant within sixty days of receipt of the application. The director shall issue a permit to the provider within thirty days of the receipt of a completed application and exhibits and payment of the fee […]
20-1804. Entrance fee escrow A. As a condition for the issuance of a permit pursuant to section 20-1803, the director shall require that the provider establish an escrow account with a licensed agent which provides that all of any entrance fee received by the provider prior to the date the resident is permitted to occupy […]
20-1805. Recording of lien by director A. The director shall, as a condition to granting a permit to an applicant, record with the county recorder of any county a notice of lien against the facility’s properties on behalf of all residents and contract holders who enter into life care contracts with the applicant to secure […]
20-1806. Reserve fund escrow The director shall, as a condition of the issuance of a permit pursuant to section 20-1803, require that the provider maintain on a current basis, in escrow with a bank, trust company or other escrow agent approved by the director, an amount which equals the aggregate principal and interest payments due […]
20-1807. Annual report; civil penalty A. Each year not later than ninety days after the last day of the provider’s fiscal year, each provider shall file with the department an annual report accompanied by the fee prescribed in section 20-167. The annual report shall include the information required by section 20-1802, subsection B, except that […]
20-1808. Ratio of assets to liabilities; report; rehabilitation of provider A. The provider shall possess assets in the first year of operation equal to at least seventy-five percent of the unamortized endowment fees plus all other liabilities including long-term debt. The unamortized endowment fees shall be based on life expectancy of purchasers. Thereafter, the provider […]
20-1809. Examination The director may conduct an examination of the affairs of any provider as often as he deems it necessary for the protection of the interests of the people of this state and for this purpose shall have the powers set forth in this title with respect to examinations of insurers.
20-1810. Rules and regulations The director may promulgate reasonable rules and regulations for effectuating any provision of this chapter.
20-1811. Violation; classification After January 1, 1978, 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 first having been issued a permit by the department or without otherwise acting in compliance with the provisions of this chapter, […]
20-1812. Disclosure statement; contents At the time of or before the execution of a life care contract and the transfer of any money or other property to a provider pursuant thereto, the provider shall deliver to the person with whom the life care contract is entered into a disclosure statement that contains a copy of […]
