The bill amends Section 23-17-65 of the General Laws regarding the licensing of healthcare facilities, introducing new requirements for transparency in ownership of nursing facilities. Operators are required to file ownership information with the Department of Health, including details about individuals and entities with interests in the facility. The bill establishes penalties for operators who fail to comply with these filing requirements or who knowingly provide false information, which may include fines of up to one million dollars or the amount of facility assets diverted to undisclosed interest holders.

Additionally, the bill adds a new section, 23-17-12.12, which prohibits nursing facilities from withdrawing equity or transferring assets that exceed three percent of their total reported annual revenue for patient care services without prior written approval from the director. Notification of such transactions must be made by certified mail, and the total reported annual revenue will be based on the facility's most recently filed annual BM-64 with the Department of Human Services or an alternative form prescribed by the director. The director is required to make a determination to approve or disapprove a request for withdrawal of equity or assets within sixty days of receipt. The act will take effect upon passage.

Statutes affected:
3025: 23-17-65