Indiana Code 23-2-4-1. Definitions
“Application fee” means the fee charged an individual, in addition to the entrance fee or any other fee, to cover the provider‘s reasonable costs in processing the individual’s application to become a resident.
Terms Used In Indiana Code 23-2-4-1
- Application fee: means the fee charged an individual, in addition to the entrance fee or any other fee, to cover the provider's reasonable costs in processing the individual's application to become a resident. See Indiana Code 23-2-4-1
- Commissioner: means the securities commissioner as provided in IC 23-19-6-1(a). See Indiana Code 23-2-4-1
- Continuing care agreement: means the following:
Indiana Code 23-2-4-1
- Continuing care retirement community: includes both of the following:
Indiana Code 23-2-4-1
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Entrance fee: means the sum of money or other property paid or transferred, or promised to be paid or transferred, to a provider in consideration for one (1) or more individuals becoming a resident of a continuing care retirement community under a continuing care agreement. See Indiana Code 23-2-4-1
- Living unit: means a room, apartment, cottage, or other area within a continuing care retirement community set aside for the use of one (1) or more identified residents. See Indiana Code 23-2-4-1
- Month: means a calendar month, unless otherwise expressed. See Indiana Code 1-1-4-5
- 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.
- Person: means an individual, a corporation, a partnership, an association, a limited liability company, or other legal entity. See Indiana Code 23-2-4-1
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- Provider: means a person that agrees to provide care under a continuing care agreement. See Indiana Code 23-2-4-1
- Resident: means an individual who is entitled to receive benefits under a continuing care agreement. See Indiana Code 23-2-4-1
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
“Continuing care agreement” means the following:
(1) For continuing care retirement communities registered before January 2, 2007, an agreement by a provider to furnish to at least one (1) individual, for the payment of an entrance fee and periodic charges, accommodations in a living unit of a home, and at least two (2) of the following services for the life of the individual or for more than one (1) month unless the agreement is cancelled:
(A) Meals and related services.
(B) Nursing care services.
(C) Medical services.
(D) Other health related services.
(2) For continuing care retirement communities registered after January 1, 2007, and before July 1, 2009, an agreement by a provider to furnish to an individual, for the payment of an entrance fee of at least twenty-five thousand dollars ($25,000), periodic charges, accommodations in a living unit of a home, and at least one (1) of the following services for the life of the individual or for more than one (1) month unless the agreement is canceled:
(A) meals and related services;
(B) nursing care services;
(C) medical services;
(D) other health related services; or
(E) any combination of these services.
(3) For continuing care retirement communities registered after June 30, 2009, an agreement by a provider to furnish to an individual, for the payment of an entrance fee of at least twenty-five thousand dollars ($25,000), periodic charges, accommodations in a living unit of a home, and at least one (1) of the following services for the life of the individual unless the agreement is terminated as specified under this chapter:
(A) meals and related services;
(B) nursing care services;
(C) medical services;
(D) other health related services; or
(E) any combination of these services.
“Continuing care retirement community” includes both of the following:
(1) An independent living facility.
(2) A health facility licensed under IC 16-28.
“Contracting party” means a person or persons who enter into a continuing care agreement with a provider.
“Entrance fee” means the sum of money or other property paid or transferred, or promised to be paid or transferred, to a provider in consideration for one (1) or more individuals becoming a resident of a continuing care retirement community under a continuing care agreement.
“Living unit” means a room, apartment, cottage, or other area within a continuing care retirement community set aside for the use of one (1) or more identified residents.
“Long term financing” means financing for a period in excess of one (1) year.
“Omission of a material fact” means the failure to state a material fact required to be stated in any disclosure statement or registration in order to make the disclosure statement or registration, in light of the circumstances under which they were made, not misleading.
“Person” means an individual, a corporation, a partnership, an association, a limited liability company, or other legal entity.
“Provider” means a person that agrees to provide care under a continuing care agreement.
“Refurbishment fee” means the fee charged an individual, in addition to the entrance fee or any other fee, to cover the provider’s reasonable costs in refurbishing a previously occupied living unit specifically designated for occupancy by that individual.
“Resident” means an individual who is entitled to receive benefits under a continuing care agreement.
“Solicit” means any action of a provider in seeking to have an individual residing in Indiana pay an application fee and enter into a continuing care agreement, including:
(1) personal, telephone, or mail communication or any other communication directed to and received by any individual in Indiana; and
(2) advertising in any media distributed or communicated by any means to individuals residing in Indiana.
“Termination” refers to the cancellation of a continuing care agreement under this chapter.
As added by Acts 1982, P.L.145, SEC.1. Amended by P.L.234-1985, SEC.1; P.L.177-1991, SEC.8; P.L.8-1993, SEC.312; P.L.27-2007, SEC.16; P.L.153-2009, SEC.3; P.L.278-2013, SEC.17; P.L.156-2023, SEC.9.