This bill mandates that the Department of Inspections, Appeals, and Licensing (DIAL) review and approve any acquisitions of housing or health care facilities by private equity firms. It defines key terms such as "acquisition," "health care facility," "housing," and "private equity firm." The bill stipulates that a private equity firm cannot complete an acquisition without prior approval from DIAL, which must be sought at least 60 days before the intended acquisition. DIAL is required to assess whether the acquisition is in the public interest, specifically ensuring it does not reduce access to quality, affordable housing or health care services.

Additionally, the bill obligates private equity firms to provide DIAL with relevant information regarding the acquisition upon request, including terms of the acquisition agreement and any plans that may affect the health care facility or housing prices. DIAL is also tasked with posting notices of pending acquisitions on its website and facilitating public comment, including the option to hold public forums for community input. Furthermore, DIAL is empowered to seek injunctions to enforce compliance with the bill's provisions.