§ 23-59-7. Sale or transfer of ownership or change in management.
(a) No provider and no person or entity owning a provider shall sell or transfer, directly or indirectly, more than fifty percent (50%) of the ownership of the provider or of a continuing care facility without giving the department written notice of the intended sale or transfer at least thirty (30) days prior to the consummation of the sale or transfer. A series of sales or transfers to one person or entity, or one or more entities controlled by one person or entity, consummated within a six (6) month period that constitutes, in the aggregate, a sale or transfer of more than fifty percent (50%) of the ownership of a provider or of a continuing care facility shall be subject to the foregoing notice provisions.
(b) A provider or continuing care facility that shall change its chief executive officer, or its management firm if managed under a contract with a third party, shall promptly notify the department and the residents of each change of chief executive officer or management firm.
History of Section.P.L. 1987, ch. 101, § 1; P.L. 1997, ch. 326, § 92.
Structure Rhode Island General Laws
Chapter 23-59 - Continuing Care Provider Registration and Disclosure
Section 23-59-1. - Definitions.
Section 23-59-2. - Registration.
Section 23-59-3. - Disclosure statement.
Section 23-59-4. - Availability of disclosure statement to prospective residents.
Section 23-59-5. - Annual disclosure statements.
Section 23-59-6. - Resident’s contract.
Section 23-59-7. - Sale or transfer of ownership or change in management.
Section 23-59-8. - Financial instability.
Section 23-59-10. - Untrue, deceptive, or misleading advertising.
Section 23-59-11. - Right of residents to organize — Meetings.
Section 23-59-12. - Civil liability.
Section 23-59-14. - Rules and regulations.
Section 23-59-15. - Investigations and subpoenas.