Entrance fee defined

For the purposes of §§ 34-12-40 to 34-12-47 , inclusive, an entrance fee is an initial or deferred transfer to a provider of a sum of money, or other property, made or promised to be made, as a full or partial consideration for acceptance of the person in the facility under a continuing care agreement, if the amount exceeds five thousand dollars or the sum of periodic charges for three months of residency, whichever is greater. Source: SL 1998, ch 206 , § 2.