Indiana Code 23-2-4-12. Entrance fees; use
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Terms Used In Indiana Code 23-2-4-12
- Continuing care retirement community: includes both of the following:
Indiana Code 23-2-4-1
- Entrance fee: means the sum of money or other property paid or transferred, or promised to be paid or transferred, to a provider in consideration for one (1) or more individuals becoming a resident of a continuing care retirement community under a continuing care agreement. See Indiana Code 23-2-4-1
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- Provider: means a person that agrees to provide care under a continuing care agreement. See Indiana Code 23-2-4-1
Sec. 12. Any money or property received by a provider as an entrance fee to a continuing care retirement community constructed or purchased after August 31, 1982, or any income earned thereon, may be used by the provider only for purposes directly related to the construction, maintenance, or operation of that particular continuing care retirement community. A continuing care retirement community in operation on September 1, 1982, may not use the entrance fees or income earned thereon after August 31, 1982, for the construction, operation, or maintenance of another continuing care retirement community constructed or purchased after August 31, 1982.
As added by Acts 1982, P.L.145, SEC.1. Amended by P.L.153-2009, SEC.11.