§ 23-59-8. Financial instability.
The department may act as authorized by § 23-59-16 to protect residents or prospective residents when the department determines that:
(1) A provider has been or will be unable, in such a manner as may endanger the ability of the provider to fully perform its obligations pursuant to its continuing care contracts, to meet the pro forma income or cash flow projections previously filed by the provider; or
(2) A provider is bankrupt, insolvent, under reorganization pursuant to federal bankruptcy laws, or in imminent danger of becoming bankrupt or insolvent.
History of Section.P.L. 1987, ch. 101, § 1.
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.