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.
Structure Indiana Code
Title 23. Business and Other Associations
Article 2. Securities and Franchises
Chapter 4. Supervision of Continuing Care Contracts
23-2-4-2. Application of Chapter
23-2-4-3. Registration; Application; Order
23-2-4-4. Initial Disclosure Statement; Contents
23-2-4-5. Annual Disclosure Statement; Contents; Fee
23-2-4-6. Disclosure Statements; Amendment
23-2-4-7. Delivery of Disclosure Statements to Persons Executing Agreements
23-2-4-7.5. Termination of Contract
23-2-4-11. Letter of Credit, Negotiable Securities, or Bond Instead of Escrow Account
23-2-4-13. Retirement Home Guaranty Fund; Creation and Expiration; Purpose; Levy
23-2-4-14. Fund; Board of Directors; Membership; Compensation
23-2-4-15. Board; Submission and Approval of Plan of Operation; Contents of Plan; Adoption of Rules
23-2-4-17. Fund; Examination and Regulation by Commissioner; Reports
23-2-4-18. Fund; Exemption From Certain Fees and Taxes
23-2-4-20. Disclosure Statements; Liability of Provider
23-2-4-21. Commissioner; Petition for Appointment of Receiver
23-2-4-22. Commissioner; Powers; Hearings and Investigations
23-2-4-23. Violations; Cease and Desist Orders; Actions for Injunctive Relief