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 703-2-5.1 - Refunds - Time Limit/Legitimate Offsets

Universal Citation: 3 CO Code Regs 703-2, ยง 5.1
Current through Register Vol. 47, No. 17, September 10, 2024

This regulation will clarify terms contained in C.R.S. 11-49-103(2) concerning refunds to a resident in the event of withdrawal or dismissal. As used in C.R.S. 11-49-103(2), "reasonable period" may be determined by the Commissioner in each particular case, but in no event may this period exceed 180 days. As used in C.R.S. 11-49-103(2), "legitimate offsetting items" may include monthly fees and other fees or charges to the resident which have been incurred, but remain unpaid by the resident. They may not include marketing expenses incurred in securing substitute fees, expenditures made to repair normal wear to the living unit of a former resident, or other items not addressed in the agreement between the provider and the resident.

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