50-4-709. Receiving an application — notice of application. (1) Within 15 working days after receiving an application for a conversion transaction, the commissioner shall:

Terms Used In Montana Code 50-4-709

  • Commissioner: means the Montana state auditor and ex officio commissioner of insurance provided for in 2-15-1903. See Montana Code 50-4-701
  • conversion transaction: means the sale, transfer, lease, exchange, transfer by exercise of an option, optioning, conveyance, merger, affiliation, mutualization, joint venture, or other disposition by a nonprofit health entity or another person or entity resulting in the transfer of control or governance to a person or entity other than the nonprofit health entity of the lesser of:

    (i)more than 10% in fair market value of the assets or operations of a nonprofit health entity; or

    (ii)assets of a nonprofit health entity amounting to a fair market value of $5 million or more. See Montana Code 50-4-701

  • Nonprofit health entity: means :

    (i)a nonprofit health maintenance organization; or

    (ii)a nonprofit health service corporation. See Montana Code 50-4-701

  • Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
  • Writing: includes printing. See Montana Code 1-1-203

(a)publish notice of the application by the internet and by press release to the most widely circulated newspapers in a nonprofit health entity‘s service area; and

(b)maintain a list of, and notify by e-mail or first-class mail, any person that has requested in writing notice of the filing of an application.

(2)The notice under subsection (1) must:

(a)state that an application has been received;

(b)state the names of the parties to the conversion transaction;

(c)describe the contents of the application;

(d)state the date by which a person shall submit written comments on the application; and

(e)provide the date, time, and place of the public hearing on the conversion transaction.

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