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 703-2-4.1 - Release of Escrows
Universal Citation: 3 CO Code Regs 703-2, ยง 4.1
Current through Register Vol. 47, No. 17, September 10, 2024
According to C.R.S. 11-49-102(1) (b), the release of escrowed entrance fees for previously unoccupied living units shall occur only after the Commissioner is satisfied that certain conditions exists as identified in C.R.S. 11-49-102(1)(b)(I) -(III). The provider shall file a letter application for such release which shall include adequate documentation to allow a determination that said conditions exist. The release of said escrows may occur only after the Commissioner has authorized such action in writing to the escrow agent.
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