§ 23-2-4-11 — Letter of credit, negotiable securities, or bond instead of escrow account

In lieu of establishing an escrow account
under section 10 of this chapter, a provider may, with the
commissioner's permission, post a letter of credit from a financial
institution, negotiable securities, or a bond by a surety authorized to do
business in Indiana. The letter of credit, negotiable securities, or bond
must be:
(1) approved by the commissioner as to form;
(2) for an amount that is at least equal to the maximum amount of
entrance fees reasonably anticipated by the provider to otherwise
be subject to the escrow requirements set forth in section 10 of
this chapter; and
(3) executed in favor of the commissioner on behalf of individuals
who may be found entitled to a refund of entrance fees.
As added by Acts 1982, P.L.145, SEC.1. Amended by
P.L.152-2020, SEC.6.