44-6951. Definitions

In this chapter, unless the context otherwise requires:

1. " Audited financial statement" means a financial report on a provider that is prepared by an independent certified public accountant.

2. " Department" means the department of insurance.

3. " Director" means the director of the department of insurance.

4. " 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 per cent 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.

5. " 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. Facility does not include any provider that is regulated by the department of insurance pursuant to title 20, chapter 8.

6. " Living unit" means any apartment, room or other area in a facility set aside for the exclusive use of one or more identified residents.

7. " Periodic fee" means the monthly calculated amount charged to a resident for lodging in a living unit provided pursuant to a senior residential entrance fee contract.

8. " Provider" means a person who provides lodging to seniors in a living unit pursuant to a senior residential entrance fee contract.

9. " Resident" means an individual who enters into a senior residential entrance fee contract with a provider or who is designated in a senior residential entrance fee contract to receive lodging.

10. " Senior residential entrance fee contract" means a contract to provide a living unit in a facility for the duration of a resident's life or for a term of more than one year that is conditioned on the transfer of an entrance fee to the provider in addition to or in lieu of the payment of periodic charges for the living unit and that is further conditioned on the resident's ability to live independently.