Indiana § 23-2-4-13 Retirement home guaranty fund; creation and expiration; purpose; levy

Indiana Statutes

§ 23-2-4-13 — Retirement home guaranty fund; creation and expiration; purpose; levy

Indiana § 23-2-4-13

Title 23BUSINESS AND OTHER ASSOCIATIONS

Art. 2SECURITIES AND FRANCHISES

Ch. 4Supervision of Continuing Care Contracts

This text of Indiana § 23-2-4-13 (Retirement home guaranty fund; creation and expiration; purpose; levy) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 23-2-4-13 (2026).

Text

(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 agai

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(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.