The bill revises the reporting requirements for nursing homes in New Jersey, particularly focusing on ownership transfers and management control. It mandates that prospective new owners submit a detailed application to the Department of Health, which must include a transfer of ownership fee, a cover letter, a description of the proposed transaction, and an organizational chart outlining current and proposed owners and related parties. New definitions are introduced for terms such as "immediate family member," "interested party," "principal," and "related party," clarifying the relationships involved in nursing home ownership. The bill also establishes a public comment period for ownership transfer applications and requires the Department of Health to post relevant application materials online, ensuring proprietary information is redacted.

Additionally, the bill imposes stricter penalties for non-compliance with reporting requirements, allowing fines of up to $200 per day for continued violations and permitting the Department of Health to limit admissions for non-compliant nursing homes. It revises annual reporting requirements to necessitate more detailed financial disclosures, including balance sheets and itemized expenses, and raises the threshold for reporting certain interested party transactions from $2,500 to $10,000. The bill also mandates that all submitted information be considered public records and certified under penalty of perjury, while granting the State Comptroller and the Department of Health the authority to monitor and audit financial statements to ensure compliance with the new regulations.

Statutes affected:
Introduced: 26:2H-7.25, 26:2H-32, 26:2H-33, 26:2H-35