This bill aims to regulate the acquisition of nonprofit nursing homes and assisted living facilities by for-profit entities in Minnesota. It amends existing statutes to redefine the terms "controlling person" and "controlling individual," expanding the definitions to include individuals with ownership interests in privately held corporations or business entities that collect capital investments. Additionally, the bill introduces new provisions requiring for-profit entities to provide detailed information and an affidavit to the attorney general and relevant health commissioners prior to acquiring ownership or control of a nonprofit facility. This includes financial disclosures, corporate structure, and evidence of the entity's ability to maintain or improve the facility's operations.

Furthermore, the bill outlines prohibited practices for for-profit entities post-acquisition, such as interfering with healthcare professionals' judgments, providing unequal treatment to residents based on payment methods, and failing to invest adequately in the facility's infrastructure. It also establishes enforcement mechanisms, allowing the attorney general to take action against violations of these regulations, which are classified as unfair and unconscionable practices. Overall, the legislation seeks to ensure that the quality of care and services in nursing homes and assisted living facilities is maintained, even after a change in ownership.

Statutes affected:
Introduction: 144A.01, 144G.08
1st Engrossment: 144A.01, 144G.08