Bill > H1221

This bill introduces several key provisions related to investments and transparency in skilled nursing facilities and healthcare investments. First, it amends existing law to prohibit new investments by Commonwealth government entities in banks or financial institutions that have outstanding loans to private equity firms or real estate investment trusts that own or invest in skilled nursing facilities or hospices. When making such investment determinations, the commission must consider investment risk diversification, investment returns, portfolio performance, and professional advice. The bill provides detailed definitions for terms like "skilled nursing facility" (SNF), "hospice", "private equity firm" (PE), and "real estate investment trust" (REIT). Additionally, the bill mandates that when a skilled nursing facility or assisted living residence changes its name, its safety record must be transferred and credited to the new name, and the facility must publicly disclose both its current and previous names along with any safety or disciplinary records on its website and social media platforms to promote transparency. Finally, the bill establishes that facilities failing to meet notification requirements for name changes or ownership transfers may be subject to penalties as determined by the relevant department through enforcement regulations.

Business and Industry

https://malegislature.gov/Bills/194/H1221