The bill amends Chapter 42-9.1 of the General Laws by adding a new section titled "Hospital receivership." This section allows the health care advocate to petition the superior court for the immediate appointment of a receiver under specific circumstances, including: (1) misapplication or potential loss of a hospital's corporate assets; (2) mismanagement, severe financial distress, or insolvency of the hospital; or (3) operations that could have a detrimental impact on the health, safety, or well-being of patients and their medical care.

The superior court is required to approve the health care advocate's petition for the appointment of a receiver if such appointment would: (1) facilitate the management of the hospital; (2) protect the health, safety, or well-being of patients and their medical care; or (3) ensure compliance with or advance the purposes of the hospital conversions act.

In any proceeding for the appointment of a receiver, the health care advocate is not required to demonstrate that the injury resulting from the hospital's actions would be irreparable or that legal remedies are inadequate. The court may confer upon any appointed receiver any or all powers available under common law, state laws, and court rules regarding receiverships. This act will take effect upon passage.