Title 11, Financial Institutions
0 chapters · 699 sections in this title.
Colo. Rev. Stat. § 11-49-101 Definitions
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As used in this article 49, unless the context otherwise requires: (1) Aged person means any person sixty-two years of age or older. (2) Board means the financial services board created in section 11-44-101.6. (3) Commissioner means the state commissioner of financial services, s…
Colo. Rev. Stat. § 11-49-102 Escrow account for entrance fees
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(1) Each provider shall establish an escrow account that provides that all of any entrance fee received by the provider prior to the date the resident is permitted to occupy the resident's living unit in the facility be placed in escrow with a bank, trust company, or other licens…
Colo. Rev. Stat. § 11-49-103 Withdrawal or dismissal of person - refund
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(1) If an agreement permits withdrawal or dismissal of a resident from a life care institution prior to the expiration of the agreement, with or without cause, an amount equal to the difference between the amount paid in and the amount used for the care of the resident during the…
Colo. Rev. Stat. § 11-49-104 Recording of lien by commissioner
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(1) The commissioner shall record with the county clerk and recorder of any county a notice of lien on behalf of all residents who enter into life care contracts with a provider to secure performance of the provider's obligations to residents pursuant to life care contracts. All …
Colo. Rev. Stat. § 11-49-105 Reserve requirements
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(1) Any provider shall maintain reserves covering obligations under all life care agreements. The reserves shall be equivalent to the sum of the following: (a) (I) For those debt obligations that are collateralized by the provider's facility and that require a balloon payment, th…
Colo. Rev. Stat. § 11-49-106 Annual report by providers - fee
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(1) A provider and CBCC provider shall file annual reports with the commissioner within ninety days after the end of their fiscal year that contain the certified financial statements for each facility or program and other information as required by the commissioner. The annual re…
Colo. Rev. Stat. § 11-49-107 Examination - fees
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The commissioner may conduct an examination of the affairs of a provider or CBCC provider as often as the commissioner deems necessary for the protection of the interests of the people of this state. Providers and CBCC providers shall maintain copies of their books and records in…
Colo. Rev. Stat. § 11-49-108 Rules
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The board may promulgate reasonable rules in accordance with article 4 of title 24 for effectuating any provision of this article 49. Source: L. 2017: Entire article added with relocations, (SB 17-226), ch. 159, p. 573, � 1, effective August 9. Editor's note: This section is simi…
Colo. Rev. Stat. § 11-49-109 Violation
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A person acting in the capacity of a provider or CBCC provider who enters into a life care contract or CBCC contract, or extends the term of an existing life care contract or CBCC contract, without acting in compliance with this article 49 commits a class 2 misdemeanor. Source: L…
Colo. Rev. Stat. § 11-49-110 Article does not apply to facilities licensed by department of public health and environment
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The provisions of this article 49 shall not apply to any hospital or other facility that the department of public health and environment is authorized to license pursuant to part 1 of article 1.5 and part 1 of article 3 of title 25; except that nursing care facilities, assisted l…
Colo. Rev. Stat. § 11-49-111 Life care contract and CBCC contract - content
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(1) Each life care contract shall be written in a clear and coherent manner using words with common and everyday meanings and shall: (a) Show the value of all property transferred, including but not limited to donations, subscriptions, fees, and any other amounts initially paid o…
Colo. Rev. Stat. § 11-49-112 Register
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(1) Every provider and CBCC provider shall maintain a register setting forth the following facts concerning each person or participant residing in a life care institution or receiving CBCC: (a) Name; (b) Last previous address; (c) Age; (d) Nearest of kin, if any; (e) Repealed. (f…
Colo. Rev. Stat. § 11-49-113 Advertisements and solicitations of life care contracts and CBCC contracts - requirements
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Any report, circular, public announcement, certificate, or financial statement, or any other printed matter or advertising material that is designed for or used to solicit or induce persons to enter into any life care contract or CBCC contract, and that lists or refers to the nam…
Colo. Rev. Stat. § 11-49-114 Injunction against violations - prosecution
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(1) The commissioner may bring an action, through the attorney general, to enjoin the threatened violation or continued violation of the provisions of this article 49 or of any of the rules promulgated pursuant to this article 49, in the district court for the county in which the…
Colo. Rev. Stat. § 11-49-115 Local regulations
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The provisions of this article 49 shall not prevent local authorities of any county, city, town, or city and county, within the reasonable exercise of the police power, from adopting rules, by ordinance or resolution, prescribing standards of sanitation, health, and hygiene for f…