Code of Colorado Regulations
700 - Department of Regulatory Agencies
703 - Division of Financial Services
3 CCR 703-2 - RULES AND REGULATIONS OF THE COLORADO DIVISION OF FINANCIAL SERVICES PERTAINING TO LIFE CARE INSTITUTIONS
Section 3 CCR 703-2-14.1 - Required Disclosures to Prospective Residents
Current through Register Vol. 47, No. 17, September 10, 2024
Pursuant to C.R.S. 11-49-111, life care contracts must be written in a clear and coherent manner and, among other things, show the value of all property transferred to a life care provider. Also, pursuant to C.R.S. 11-49-113, all printed matter used to solicit or induce persons to enter into a life care contract must clearly state the extent of the financial responsibility assumed by parties interested in or connected with the provider. Therefore, pursuant to C.R.S. 11-49-108, in order to effectuate the above cited provisions, certain disclosures to prospective residents must be provided in writing, and acknowledged in writing, prior to the execution of any life care contract, as defined by C.R.S. 11-49-101(7). The disclosures shall read as follows:
(a) I/we, the undersigned, do hereby acknowledge that I/we fully understand that no state or federal government agency guarantees or insures against loss any portion of the entrance fees paid to a life care provider under the terms of a life care contract.
(b) For questions concerning the regulation of the financial affairs of life care institutions by the State of Colorado, please contact:
Colorado Division of Financial Services
1560 Broadway, Denver, CO 80202
Phone: (303) 894-2336
Fax: (303) 894-7886
Said disclosures may be included in the main body of the life care contract; if so, they must:
(a) Be in bold lettering of a type size no smaller than that of the main body of the contract.
(b) Be contained in a paragraph, section, or subsection entitled "State of Colorado-Required Disclosures"
(c) Be acknowledged in the paragraph, section, or subsection entitled "State of Colorado- Required Disclosures" by the complete signature or initials of the prospective resident(s).
Said disclosures may be provided to the prospective resident(s) in a document separate from the life care contract, provided that the document is:
(a) Clearly titled "State of Colorado-Required Disclosures"
(b) Acknowledged, on its face, by the complete signature or initials of the prospective resident(s).
(c) Acknowledged by the prospective resident(s) no more than 14 days prior to the execution of a life care contract by the same prospective resident(s).
(d) Maintained in the files of the life care provider with a copy given the prospective resident(s).
