The Vermont Statutes Online
The Vermont Statutes Online have been updated to include the actions of the 2023 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Title 8 : Banking and Insurance
Chapter 151 : Continuing Care Retirement Communities
(Cite as: 8 V.S.A. § 8003)-
§ 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.)
