Colorado Statutes
§ 25.5-6-411 — Personal needs trust fund required
All personal needs funds
must be held in trust by a residential facility authorized to provide services
pursuant to this part 4, or the residential facility's designated trustee, separate and
apart from any other funds of the facility, in a checking account or savings account
or any combination established to protect and separate the personal needs funds of
the members. At all times, the principal and all income derived from the principal in
the personal needs trust fund must remain the property of the participating
members, and the residential facility or the facility's designated trustee is bound by
all of the duties imposed by law upon fiduciaries in handling the fund including
accounting for all expenditures from the fund.
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Legislative History
Source: L. 2006: Entire article added with relocations, p. 1947, � 7, effective
July 1. L. 2024: Entire section amended, (SB 24-176), ch. 152, p. 667, � 86, effective
August 7.
Nearby Sections
15
§ 25.5-1-101
Short title§ 25.5-1-102
Legislative declaration§ 25.5-1-103
Definitions§ 25.5-1-105
Transfer of functions§ 25.5-1-105.5
Chief medical officer - qualifications§ 25.5-1-108
Executive director - rules§ 25.5-1-109.5
Clinical standards - development§ 25.5-1-1101
Legislative declaration§ 25.5-1-1102
Definitions§ 25.5-1-1103
Case management-based services and activities§ 25.5-1-114
Grants-in-aid - county supervision§ 25.5-1-115
Locating violators - recoveries