Indiana Code 23-2-4-11. Letter of credit, negotiable securities, or bond instead of escrow account
Current as of: 2024 | Check for updates
|
Other versions
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:
(2) for an amount that is at least equal to the maximum amount of entrance fees reasonably anticipated by the provider to otherwise be subject to the escrow requirements set forth in section 10 of this chapter; and
(1) approved by the commissioner as to form;
Terms Used In Indiana Code 23-2-4-11
- Commissioner: means the securities commissioner as provided in IC 23-19-6-1(a). See Indiana Code 23-2-4-1
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Provider: means a person that agrees to provide care under a continuing care agreement. See Indiana Code 23-2-4-1
(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. Amended by P.L.152-2020, SEC.6.