The bill amends Section 23-17-65 of the General Laws regarding the licensing of healthcare facilities, introducing new requirements for transparency in ownership. Operators of nursing facilities are now mandated to file detailed ownership information with the Department of Health, including the names and addresses of individuals and entities with beneficial interests in the facility's land, building, mortgages, and leases. Additionally, the bill stipulates that any operator failing to provide this information or submitting false details may face penalties, including fines of up to one million dollars or the amount of assets diverted to undisclosed interest holders, along with the possibility of a financial audit at the operator's expense.

Furthermore, the bill adds a new section, 23-17-12.12, which restricts nursing facilities from withdrawing equity or transferring assets exceeding three percent of their total reported annual revenue for patient care services without prior written approval from the director. Facilities must notify the licensing agency of such withdrawals via certified mail, and the director is required to make a decision on the request within sixty days. This legislation aims to enhance transparency and accountability in the management of healthcare facilities, ensuring that ownership and financial activities are properly disclosed and regulated.