The proposed bill introduces the "Nursing Home Financial Transparency Act" as a new chapter (CHAPTER 8.16) within Title 40 of the General Laws concerning Human Services. This legislation aims to enhance financial transparency for nursing homes and long-term care facilities in Rhode Island by requiring individuals or entities with ownership interests in these facilities to disclose specific financial information. Key provisions include definitions of "covered facilities," the applicability of the law to those influencing or managing the finances of these facilities, and the establishment of rules and regulations by the Department of Human Services for compliance and monitoring.

Starting July 1, 2025, the bill mandates that entities with ownership interests submit detailed financial reports, including balance sheets, income statements, cash flow statements, and a declaration of the fair market value of goods and services provided to the nursing facilities. Additionally, the disclosed financial information will be made publicly available while ensuring the privacy of individual owners. The Department of Human Services will oversee compliance and has the authority to impose penalties for non-compliance, including fines or suspension of operating licenses.