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23-93-112. Escrow account required.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-93-112. Escrow account required.
(a)(1) The Insurance Commissioner shall require that the provider establish an interest-bearing escrow account with a financial institution authorized to do business in this state. Any entrance fees or payments received by the provider prior to the date the resident is permitted to occupy the living unit in the facility shall be placed in the escrow account.
(2) Release of escrowed amounts to the provider shall be made as follows:
(A) For living units that have been previously occupied, at the time the new resident makes the first monthly payment; or
(B) For living units not previously occupied, at the earliest to occur of one (1) of the following:
(i) When aggregate fees received or receivable equal fifty percent (50%) of total entrance fees due at full occupancy, except that any entrance fee payments that are less than thirty-five percent (35%) of the amount due from a resident will not be counted;
(ii) When entrance fees plus the proceeds of any first mortgage or other long-term loan in lieu of a first mortgage, plus other funds on hand, equal fifty percent (50%) of the total cost of the facility plus fifty percent (50%) of the start-up losses shown in the provider's application submitted under § 23-93-207; or
(iii) When a permanent mortgage or other long-term loan commitment has been received and the mortgagee's commitment conditions prior to disbursement, other than completing construction and closing the purchase, have been satisfied.
(b) If the funds in an escrow account and any interest earned on the funds are not released within thirty-six (36) months, or such greater time as may have been specified by the provider with the consent of the commissioner, then the funds shall be returned by the escrow agent to th
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-93-112
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:23-93-112
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 4c2477d77a6365b48f678740854176d386fa695b09a6d9d600e3e8b08c747e0e
Source location: content.xml paragraph 56501
Stored source content
23-93-112. Escrow account required.
(a)(1) The Insurance Commissioner shall require that the provider establish an interest-bearing escrow account with a financial institution authorized to do business in this state. Any entrance fees or payments received by the provider prior to the date the resident is permitted to occupy the living unit in the facility shall be placed in the escrow account.
(2) Release of escrowed amounts to the provider shall be made as follows:
(A) For living units that have been previously occupied, at the time the new resident makes the first monthly payment; or
(B) For living units not previously occupied, at the earliest to occur of one (1) of the following:
(i) When aggregate fees received or receivable equal fifty percent (50%) of total entrance fees due at full occupancy, except that any entrance fee payments that are less than thirty-five percent (35%) of the amount due from a resident will not be counted;
(ii) When entrance fees plus the proceeds of any first mortgage or other long-term loan in lieu of a first mortgage, plus other funds on hand, equal fifty percent (50%) of the total cost of the facility plus fifty percent (50%) of the start-up losses shown in the provider's application submitted under § 23-93-207; or
(iii) When a permanent mortgage or other long-term loan commitment has been received and the mortgagee's commitment conditions prior to disbursement, other than completing construction and closing the purchase, have been satisfied.
(b) If the funds in an escrow account and any interest earned on the funds are not released within thirty-six (36) months, or such greater time as may have been specified by the provider with the consent of the commissioner, then the funds shall be returned by the escrow agent to the persons who made the payment to the provider.
(c) Nothing in this section shall require the escrow of any nonrefundable application fees charged to prospective residents.
(d) An entrance fee held in escrow may be returned by the escrow agent at any time to the person or persons who paid the entrance fee to the provider upon receipt by the escrow agent of notice from the provider that such a person is entitled to a refund of the entrance fee.
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Arkansas Code — all titles (historical 2020) · legal_authorities
23-93-207. Application.
The application for a license shall contain the following documents and information:
(1)(A) An appointment of an Arkansas resident to serve as the registered agent for the provider shall be filed with the State Insurance Department. Thereafter, the registered agent shall be authorized to receive service of any lawful process in any proceeding arising under this subchapter against the provider or his or her agents.
(B) On and after January 1, 2003, all licensed life care providers shall file with the Insurance Commissioner a designation of an Arkansas resident as an agent for service of legal process, and the commissioner shall maintain a listing in conformity with § 23-63-301 et seq.;
(2) The states or other jurisdictions, including the federal government, in which an application for certification or similar documents for the subject facility have been or will be filed and any order, judgment, or decree entered in connection therewith by the regulatory authorities in each of the jurisdictions or by any court or administrative body thereof;
(3) The names and business addresses of the officers, directors, trustees, managing or general partners, and any person having a ten percent (10%) or greater equity or beneficial interest in the provider and a description of that person's interest in or occupation with the provider;
(4)(A) Copies of:
(i) The articles of incorporation, with all amendments thereto, if the provider is a corporation;
(ii) All instruments by which the trust is created or declared, if the provider is a trust; and
(iii) The articles of partnership or association and all other organization papers, if the provider is organized under another form.
(B) In the event the provider is not the legal title holder to the prope
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-93-207
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 23-93-207. This identifies an authority to review, not proof of applicability.