Skip to main content
Find a Lawyer

Indiana Code Title 23. Business and Other Associations § 23-2-4-1

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 1. As used in this chapter, the term:

“Application fee” means the fee charged an individual, in addition to the entrance fee or any other fee, to cover the provider's reasonable costs in processing the individual's application to become a resident.

“Commissioner” means the securities commissioner as provided in IC 23-19-6-1(a).

“Continuing care agreement” means the following:

(1) For continuing care retirement communities registered before January 2, 2007, an agreement by a provider to furnish to at least one (1) individual, for the payment of an entrance fee and periodic charges, accommodations in a living unit of a home, and at least two (2) of the following services for the life of the individual or for more than one (1) month unless the agreement is canceled:

(A) Meals and related services.

(B) Nursing care services.

(C) Medical services.

(D) Other health related services.

(2) For continuing care retirement communities registered after January 1, 2007, and before July 1, 2009, an agreement by a provider to furnish to an individual, for the payment of an entrance fee of at least twenty-five thousand dollars ($25,000), periodic charges, accommodations in a living unit of a home, and at least one (1) of the following services for the life of the individual or for more than one (1) month unless the agreement is canceled:

(A) Meals and related services.

(B) Nursing care services.

(C) Medical services.

(D) Other health related services.

(E) Any combination of these services.

(3) For continuing care retirement communities registered after June 30, 2009, an agreement by a provider to furnish to an individual, for the payment of an entrance fee of at least twenty-five thousand dollars ($25,000), periodic charges, accommodations in a living unit of a home, and at least one (1) of the following services for the life of the individual unless the agreement is terminated as specified under this chapter:

(A) Meals and related services.

(B) Nursing care services.

(C) Medical services.

(D) Other health related services.

(E) Any combination of these services.

“Continuing care retirement community” includes both of the following:

(1) An independent living facility.

(2) A health facility licensed under IC 16-28.

“Contracting party” means a person or persons who enter into a continuing care agreement with a provider.

“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.

“Living unit” means a room, apartment, cottage, or other area within a continuing care retirement community set aside for the use of one (1) or more identified residents.

“Long term financing” means financing for a period in excess of one (1) year.

“Omission of a material fact” means the failure to state a material fact required to be stated in any disclosure statement or registration in order to make the disclosure statement or registration, in light of the circumstances under which they were made, not misleading.

“Person” means an individual, a corporation, a partnership, an association, a limited liability company, or other legal entity.

“Provider” means a person that agrees to provide care under a continuing care agreement.

“Refurbishment fee” means the fee charged an individual, in addition to the entrance fee or any other fee, to cover the provider's reasonable costs in refurbishing a previously occupied living unit specifically designated for occupancy by that individual.

“Resident” means an individual who is entitled to receive benefits under a continuing care agreement.

“Solicit” means any action of a provider in seeking to have an individual residing in Indiana pay an application fee and enter into a continuing care agreement, including:

(1) personal, telephone, or mail communication or any other communication directed to and received by any individual in Indiana;  and

(2) advertising in any media distributed or communicated by any means to individuals residing in Indiana.

“Termination” refers to the cancellation of a continuing care agreement under this chapter.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Indiana Code Title 23. Business and Other Associations § 23-2-4-1 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-23-business-and-other-associations/in-code-sect-23-2-4-1/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard