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 the provider’s certified financial statements and feasibility study prepared according to section 20-1802 and any other information required by the director. The cover of the disclosure statement shall contain the following statement in bold-faced print: "A permit for this life care facility has been issued by the Arizona department of insurance and financial institutions. This permit does not constitute approval, recommendation or endorsement of the life care facility by the department, nor does it evidence the accuracy or completeness of the information in this statement."

Terms Used In Arizona Laws 20-1812

  • Contract: A legal written agreement that becomes binding when signed.
  • department: means the department of insurance and financial institutions. See Arizona Laws 20-101
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Life care contract: means a contract to provide to a person for the duration of the person's life or for a term in excess of one year nursing services, medical services or health-related services, as defined in section 36-401, in addition to board and lodging for the person in a facility or services in the person's private residence with the right to future access to services, board and lodging in a facility, conditioned on the transfer of an entrance fee to the provider of such services in addition to or in lieu of the payment of regular periodic charges for the care and services involved. See Arizona Laws 20-1801
  • Permit: means a permit to enter into life care contracts issued by the department. See Arizona Laws 20-1801
  • Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
  • Property: includes both real and personal property. See Arizona Laws 1-215
  • Provider: means a person who provides services pursuant to a life care contract. See Arizona Laws 20-1801
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