Page 143

CODE OF COLORADO REGULATIONS 10 CCR 2505-10 8.100 Medical Services Board

143 o. Promissory notes established on or after March 1, 2007 are treated as follows: i) The value of a promissory note, loan or mortgage is the outstanding balance due as of the date of the individual’s application for HCBS, PACE or institutional services and is an available countable resource, and ii) A promissory note, loan or mortgage which does not meet the following criteria shall be considered to be a transfer without fair consideration and shall be subject to the provisions outlined at 8.100.7.F. 1) Has a repayment term that is actuarially sound based on the individual’s life expectancy as found in the tables in section 8.100.7.J for annuities purchased on or after February 8, 2006; 2) Provides for payments to be made in equal amounts during the term of the loan, with no deferral and no balloon payments made; and 3) Prohibits the cancellation of the balance upon the death of the lender. p. Mineral rights represent ownership interest in natural resources such as coal, oil, or natural gas, which normally are extracted from the ground. i) Ownership of land and mineral rights. If the individual owns the land to which the mineral rights pertain, the current market value of the land generally includes the value of the mineral rights. ii) If the individual does not own the land to which the mineral rights pertain, the individual should obtain a current market value estimate from a knowledgeable source. Such sources may include: 1) any mining company that holds leases;