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 term "controlling person" to include individuals with ownership interests in privately held corporations or business entities that collect capital investments, particularly when no individual holds at least a five percent ownership interest. Additionally, it introduces new definitions and requirements for the transfer of ownership or control, mandating that for-profit entities provide detailed information and an affidavit demonstrating their capability to manage the facilities in compliance with state laws.

The bill also establishes prohibited practices for for-profit entities that acquire these facilities, including interference with healthcare professionals' judgments, unequal treatment of residents based on payment methods, and practices that could undermine the quality of care. It requires that at least 75% of public funds received be spent on direct resident care and sets conditions for maintaining or improving the facilities' ratings under the Centers for Medicare and Medicaid Services. Violations of these provisions are classified as unfair practices, allowing the attorney general to enforce compliance.

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