A. Before a provider solicits, enters into or extends the term of a senior residential entrance fee contract the provider shall register with the department on a form prescribed by the department. The form shall include at least the following information:

Terms Used In Arizona Laws 44-6952

  • Audited financial report: means a financial report on a provider that is prepared by an independent certified public accountant. See Arizona Laws 44-6951
  • Contract: A legal written agreement that becomes binding when signed.
  • Department: means the department of insurance and financial institutions. See Arizona Laws 44-6951
  • Director: means the director of the department of insurance and financial institutions. See Arizona Laws 44-6951
  • Entrance fee: means an initial or deferred transfer to a provider of a facility of a sum of money or property by a person entering into a senior residential entrance fee contract that in amount or value is at least six hundred percent of the periodic fee charged to a resident, all or a portion of which may be refunded to that resident, a benefactor or a beneficiary on the resident's termination of residence in the facility. See Arizona Laws 44-6951
  • Facility: means a place or places in which a provider undertakes to provide a resident with a living unit pursuant to a senior residential entrance fee contract. See Arizona Laws 44-6951
  • Person: means an individual, corporation, partnership, association, joint stock company or trust, limited liability company, government or governmental subdivision or agency or any other unincorporated organization. See Arizona Laws 44-1801
  • Provider: means a person who provides lodging to seniors in a living unit pursuant to a senior residential entrance fee contract. See Arizona Laws 44-6951

1. The name of the provider.

2. The name, business address and business telephone number of each person holding at least a ten per cent ownership interest in the provider.

3. The business address, telephone number and fax number of the provider.

4. The mailing and street addresses for each of the provider’s facilities.

5. The name, business address and business telephone number of the chief administrator for each facility.

6. The fiscal year-end date for the provider.

B. The director shall charge each provider a registration fee. The provider shall submit the registration form and fee to the department together with a copy of the provider’s most recent audited financial report and a copy of the provider’s disclosure statement prescribed in section 44-6954, subsection D, paragraph 2.

 

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