(1) Each life care contract shall be written in a clear and coherent manner using words with common and everyday meanings and shall:

(a) Show the value of all property transferred, including but not limited to donations, subscriptions, fees, and any other amounts initially paid or payable by or on behalf of the prospective resident;

(b) Show all the services which are to be provided by the provider to the prospective resident, including, in detail, all items which the prospective resident will receive, such as board, room, clothing, incidentals, medical care, transportation, and burial, and whether the items will be provided for a designated time period or for life and the monthly charge for such services;

(c) Be accompanied by a financial statement showing in reasonable detail the financial condition of the provider, including a statement of earnings for the previous twenty-four-month period, or such shorter period if the facility has been in operation for a lesser period, which shall be furnished to the prospective resident;

(d) Specify the monthly service fee and whether such fee is subject to adjustment;

(e) Explicitly state what rights, if any, a resident will have to participate either individually or as part of a group of residents in management and financial decisions affecting the facility.

(f) Repealed.

(2) Repealed.

Source: L. 81: Entire article R&RE, p. 690, § 1, effective July 1. L. 92: (1)(f) and (2) repealed, p. 1611, § 161, effective May 20.

Editor's note: This section was contained in an article that was repealed and reenacted in 1981. Provisions of this section, as it existed in 1981, are similar to those contained in § 12-13-106 as said section existed in 1980, the year prior to the repeal and reenactment of this article.