Terms Used In Arizona Laws > Title 44 > Chapter 25 - Senior Residential Entrance Fee Contracts

• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Audited financial report: means a financial report on a provider that is prepared by an independent certified public accountant. See Arizona Laws 44-6951
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Contract: A legal written agreement that becomes binding when signed.
• Department: means the department of insurance and financial institutions. See Arizona Laws 44-6951
• Director: means the director of the department of insurance and financial institutions. See Arizona Laws 44-6951
• 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 percent 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. See Arizona Laws 44-6951
• 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. See Arizona Laws 44-6951
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Fraud: Intentional deception resulting in injury to another.
• Living unit: means any apartment, room or other area in a facility set aside for the exclusive use of one or more identified residents. See Arizona Laws 44-6951
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• 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. See Arizona Laws 44-6951
• Person: means an individual, corporation, partnership, association, joint stock company or trust, limited liability company, government or governmental subdivision or agency or any other unincorporated organization. See Arizona Laws 44-1801
• Property: includes both real and personal property. See Arizona Laws 1-215
• Provider: means a person who provides lodging to seniors in a living unit pursuant to a senior residential entrance fee contract. See Arizona Laws 44-6951
• 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 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. See Arizona Laws 44-6951
• 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. See Arizona Laws 44-6951
• Writing: includes printing. See Arizona Laws 1-215