Sec. 13. (a) There is established the Indiana retirement home guaranty fund. The purpose of the fund is to provide a mechanism for protecting the financial interests of residents and contracting parties in the event of the bankruptcy of the provider.
(b) To create the fund, a guaranty association fund fee of one hundred dollars ($100) shall be levied on each contracting party who enters into a continuing care agreement after August 31, 1982, and before July 1, 2009. The fee shall be collected by the provider and forwarded to the commissioner within thirty (30) days after occupancy by the resident. Failure of the provider to collect and forward such fee to the commissioner within that thirty (30) day period shall result in the imposition by the commissioner of a twenty-five dollar ($25) penalty against the provider. In addition, interest payable by the provider shall accrue on the unpaid fee at the rate of two percent (2%) a month.
(c) Any money received by the commissioner under subsection (b) shall be forwarded to the treasurer of state. The fund, and any income from it, shall be held in trust, deposited in a segregated account, invested and reinvested by the treasurer of state in the same manner as provided in IC 20-49-3-10 for investment of the common school fund.
(d) All reasonable expenses of collecting and administering the fund shall be paid from the fund.
(e) Money in the fund at the end of the state's fiscal year shall remain in the fund and shall not revert to the general fund.
As added by Acts 1982, P.L.145, SEC.1. Amended by P.L.2-2006, SEC.180; P.L.153-2009, SEC.12.
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