|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Martin O'Malley, Governor Ch. 3
|
|
|
|
|
|
|
|
|
|
DEPARTMENT APPROVES THE SALE, TRANSFER, OR DISPOSITION IN ACCORDANCE
WITH §§ 10-437 AND 10-438 OF THIS SUBTITLE.
(2) A PROVIDER MAY NOT SELL, TRANSFER OR OTHERWISE DISPOSE OF
ASSETS EQUAL TO OR LESS THAN 10% OF ITS TOTAL ASSETS IF THE SALE, TRANSFER
OR DISPOSITION IS LIKELY, ACCORDING TO STANDARDS SET BY REGULATION, TO
HAVE AN UNREASONABLY ADVERSE EFFECT ON:
(I) THE FINANCIAL STABILITY OF THE PROVIDER; OR
(II) THE CAPACITY OF THE PROVIDER TO PERFORM ITS
OBLIGATIONS UNDER ITS CONTINUING CARE AGREEMENTS.
(3) DETERMINATIONS OF TOTAL ASSETS SHALL BE BASED ON THE
PROVIDER'S LATEST CERTIFIED FINANCIAL STATEMENTS AVAILABLE AT THE TIME
THE SALE, TRANSFER OR OTHER DISPOSITION IS MADE.
REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 70B, § 11E(a) and (b).
In the introductory language of subsection (a) of this section, the phrase
"[t]his section does not apply to" is substituted for the former phrase "[t]he
following transactions are not considered sales, transfers, or other
dispositions of assets for purposes of subsection (a) of this section" for
brevity.
In subsection (a)(8) of this section, the phrase "exempted by the
Department by regulation" is substituted for the former phrase "identified
by the Department in regulations as appropriate to fall within this
subsection" for brevity and clarity.
In subsection (b)(1) of this section, the phrase "unless the Department
approves" is substituted for the former phrase "unless the provider obtains
the approval of the Department" for brevity.
Defined terms: "Certified financial statement" § 10-401
"Continuing care agreement" § 10-401
"Department" § 10-101
"Expansion" § 10-401
"Facility" § 10-401
"Provider" § 10-401
"Renovation" § 10-401
10-437. SALE OR TRANSFER OF ASSETS — NOTICES TO DEPARTMENT.
(A) IN GENERAL.
A PROVIDER SUBJECT TO § 10-436(B)(1) OF THIS SUBTITLE SHALL:
(1) AT LEAST 60 DAYS BEFORE THE SALE, TRANSFER OR OTHER
DISPOSITION, FILE WITH THE DEPARTMENT A STATEMENT OF INTENT TO SELL,
TRANSFER OR OTHERWISE DISPOSE OF ASSETS; AND
|
|
|
|
|
|
|
|
|
|
- 467 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
