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23-2-4-11. Letter of credit, negotiable securities, or bond instead of escrow account

IN Code § 23-2-4-11 (2019) (N/A)
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Sec. 11. In lieu of establishing an escrow account under section 10 of this chapter, a provider may, with the commissioner's permission, post a letter of credit from a financial institution, negotiable securities, or a bond by a surety authorized to do business in Indiana. The letter of credit, negotiable securities, or bond must be:

(1) approved by the commissioner as to form;

(2) for an amount not to exceed the total amount of all entrance fees received by the provider before the date the resident is permitted to occupy the living unit; and

(3) executed in favor of the commissioner on behalf of individuals who may be found entitled to a refund of entrance fees.

As added by Acts 1982, P.L.145, SEC.1.

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23-2-4-10. Conditions of registration; deposit of entrance and refurbishment fees into escrow account; limitations
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23-2-4-12. Entrance fees; use