Bill > H5426

This bill introduces new transparency and oversight measures for nursing facilities in Rhode Island, focusing on ownership disclosure and asset transfer restrictions. The legislation requires nursing facility operators to provide comprehensive information about property ownership, including details about landowners, building owners, mortgage holders, lessees, and corporate structures. If operators fail to file complete and accurate ownership information, they can be subject to significant penalties, including potential fines up to $1 million or the amount of assets diverted to undisclosed interest holders. Additionally, starting July 1, 2025, nursing facilities will need prior written approval from the state director before withdrawing equity or transferring assets exceeding 3% of their total annual patient care service revenue. The bill aims to increase transparency in healthcare facility ownership by mandating detailed reporting and creating a mechanism for the Department of Health to publicly disclose these ownership documents upon request. The comprehensive reporting requirements apply to various types of ownership entities, including partnerships, limited liability companies, and corporations, with slightly different disclosure standards depending on the type of corporate structure.

Health and Social Services

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