34-12-41. Entrance fee defined. For the purposes of §§ 34-12-40 to 34-12-47, inclusive, an entrance fee is an initial or deferred transfer to a provider of a sum of money, or other property, made or promised to be made, as a full or partial consideration for acceptance of the person in the facility under a continuing care agreement, if the amount exceeds five thousand dollars or the sum of periodic charges for three months of residency, whichever is greater.
Source: SL 1998, ch 206, § 2.
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