Vermont Statutes Title 8 Sec. 8003
Terms Used In Vermont Statutes Title 8 Sec. 8003
- Commissioner: means the Commissioner of Financial Regulation. See
- Continuing care: means the furnishing in a facility, pursuant to a continuing care contract, of board and a variety of living arrangements together with nursing, medical, health and health-related services, assistance with the personal activities of daily living, or any combination of these services, including a priority commitment for nursing care, to two or more individuals who are not related by consanguinity or affinity to the person furnishing such care, for a term in excess of one year or for the duration of that individual's life, including mutually terminable contracts. See
- Department: means the Department of Financial Regulation. See
- Facility: means a place or places in which a resident receives continuing care. See
- Provider: means the person who enters into a contract to provide continuing care to a resident. See
§ 8003. Sale or transfer of ownership
Any provider desiring to sell or transfer ownership of a continuing care facility shall notify the department 30 days in advance of completion of such sale or transfer. The Commissioner may revoke, after notice and hearing, and upon written findings of fact, the certificate of authority of any provider based on a substantial change in control or ownership of such provider, if such change is found not to be in the best interests of the residents of the facility in that:
(1) the facility is in danger of becoming insolvent;
(2) the care of current or prospective residents is threatened; or
(3) the monthly rates paid by residents would be adversely impacted. (Added 1987, No. 247 (Adj. Sess.), § 1; amended 2023, No. 6, § 70, eff. July 1, 2023.)