Section 11-49-101 - DefinitionsAs 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, serving in accordance with section 11-44-102.(4) "Entrance fee" means the total of any initial or deferred transfer to or for the benefit of a provider, which transfer:(a) Is made or promised to be made as full or partial consideration for the acceptance or maintenance of a specified individual as a resident in a facility; and(b) Is in the form of: (II) A sum of money in an amount that is greater than four times the amount of a regular periodic charge under a life care contract at the facility.(5) "Facility" means the place in which a provider undertakes to provide life care to a resident.(6) "Life care" means care provided, pursuant to a life care contract, for the life of an aged person, including but not limited to services such as occupancy of a living unit, health care, nutrition assistance, medical services, and nursing services within a living unit.(7) "Life care contract" means a written contract to provide life care to a person for the duration of the person's life conditioned upon the transfer of an entrance fee to the provider of the services in addition to or in lieu of the payment of regular periodic charges for the care and services involved. A life care contract under which the entrance fee is payable to or for the provider in four or more installments is subject to the provisions of the "Uniform Consumer Credit Code", articles 1 to 9 of title 5.(8) "Living unit" means a room, apartment, or other area that is within a facility and set aside for the use of one or more identified residents and within which life care is provided by the provider. A resident's living unit may change based on the appropriate care needs of the resident.(9) "Person" means all corporations, associations, partnerships, or individuals, including fraternal or benevolent orders or societies.(10)(a) "Provider" means a person who undertakes to provide services in a facility pursuant to a life care contract.(b) "Provider" does not include a unit owners' association, as defined in section 38-33.3-103 (3).(11) "Resident" means any person entitled pursuant to a life care contract to receive life care in a facility.(12) "Third-party service providers" means any person, other than a provider, who is the holder of a management contract with a provider or who contracts with a provider to provide life care services to residents.Amended by 2024 Ch. 350,§ 58, eff. 8/7/2024, app. to the operations of the division of financial services, the commissioner of financial services, the financial services board, credit unions, savings and loan associations, and life care institutions on or after 8/7/2024, including the imposition of fines by the commissioner of financial services against a person who violates a cease-and-desist order or a suspension or removal order.Renumbered from C.R.S. § 12-13-101 and amended by 2017 Ch. 159, §1, eff. 8/9/2017.L. 2017: Entire article added with relocations, (SB 17-226), ch. 159, p. 567, § 1, effective August 9.(1) This section is similar to former § 12-13-101 as it existed prior to 2017.
(2) Section 67(2) of chapter 350 (HB 24-1381), Session Laws of Colorado 2024, provides that the act changing this section applies to the operations of the division of financial services, the commissioner of financial services, the financial services board, credit unions, savings and loan associations, and life care institutions on or after August 7, 2024, including the imposition of fines by the commissioner of financial services against a person who violates a cease-and-desist order or a suspension or removal order.
2024 Ch. 350, was passed without a safety clause. See Colo. Const. art. V, § 1(3).