Terms Used In Arizona Laws > Title 20 > Chapter 8 - Life Care Contracts

• Bank: means a corporation that holds a banking permit issued pursuant to chapter 2 of this title. See Arizona Laws 6-101
• Contract holder: means a person who enters into a life care contract with a provider or who is designated, in a life care contract, to be a person provided with services in the person's private residence with the right to future access to services, board and lodging in a facility. See Arizona Laws 20-1801
• department: means the department of insurance and financial institutions. See Arizona Laws 20-101
• Entrance fee: means an initial or deferred transfer to a provider of a sum of money or property, made or promised to be made by a person entering into a life care contract, which assures a resident or contract holder of services pursuant to a life care contract. See Arizona Laws 20-1801
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Lessee: means a person contracting with a lessor for the use of a safe deposit repository. See Arizona Laws 6-1001
• Lessor: means a corporation or association authorized under the laws of this state, any other state or the United States to do business as a bank, trust company, credit union or savings and loan association and maintaining safe deposit repositories for public use. See Arizona Laws 6-1001
• 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
• Living unit: means an apartment, room or other area within a facility set aside for the exclusive use of one or more identified residents. See Arizona Laws 20-1801
• Manager: means a corporation, partnership, association, joint stock company, trust, or any other unincorporated organization that is contracted with to manage the residential section or health-related section, or both, of a life care facility. See Arizona Laws 20-1801
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Mortgage loan: A loan made by a lender to a borrower for the financing of real property. ^{Source: OCC}
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Permit: means a permit to enter into life care contracts issued by the department. See Arizona Laws 20-1801
• Promoter: means the primary person who is employed to consult or to promote the establishment of a life care facility. See Arizona Laws 20-1801
• Provider: means a person who provides services pursuant to a life care contract. See Arizona Laws 20-1801
• repository: means a safe deposit box or any other safe deposit receptacle and includes the lessor's vault space made available for use by the lessee in common with others for the storage of property or documents. See Arizona Laws 6-1001
• Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
• Resident: means a person who enters into a life care contract with a provider or who is designated, in a life care contract, to be a person provided with services, board and lodging in a living unit or at a facility. See Arizona Laws 20-1801
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}