§ 9530. Definitions
As used in this chapter unless the context requires otherwise:
(1) “Commissioner” means the Commissioner of Vermont Health Access.
(2) [Repealed.]
(3) “Nursing home” means an institution, as defined in 33 V.S.A. § 7102(7), required to be licensed pursuant to 33 V.S.A. § 7103.
(4) “Owner” means any natural person, association, trust, or corporation with an ownership
interest in a nursing home.
(5) “Secretary” means the Secretary of Human Services.
(6) “Selling price” means the amount of the full actual consideration for the transfer,
paid or to be paid, including the amount of any liens or encumbrances existing before
the transfer and not removed.
(7) “Transfer” means every sale or change of ownership of a Vermont nursing home owned
by the transferor during the entire 12-year period immediately preceding the change
in ownership and providing services to the State under a contract during the entire
period, after which transfer the home will continue in operation. A transfer includes
all changes in ownership, whether effected by the transfer of stock, shares, or assets,
with the following exceptions:
(A) the sale of stock or shares in a publicly traded corporation; or
(B) the sale of stock or shares made solely as a method of financing (not as a method
of transferring management or control) when the number of shares transferred does
not exceed 25 percent of the total number of shares in any one class of stock; or
(C) a change of ownership between related parties other than family members; or
(D) a change of ownership between family members for less than full and reasonable consideration;
or
(E) such other transactions that the Commissioner may determine not to constitute a true
change of ownership.
(8)(A) “Family member” means spouses, parents, grandparents, children, grandchildren, siblings,
aunts, uncles, nieces, nephews, or the spouse of such person.
(B) “Related party” means a person that is directly or indirectly under common ownership
or control or related by other business association or an entity in which an individual
who directly or indirectly receives or expects to receive compensation in any form
is also an owner, partner, officer, director, key employee of, or lender to the other
entity.
(9) “Transferor” means the owner of a nursing home who by the transfer has been divested
of an ownership interest in the home. (Added 1995, No. 14, § 5, eff. April 12, 1995; amended 1995, No. 186 (Adj. Sess.), § 9, eff. May 22, 1996; 1999, No. 147 (Adj. Sess.), § 4; 2005, No. 174 (Adj. Sess.), § 65; 2009, No. 156 (Adj. Sess.), § I.32; 2021, No. 105 (Adj. Sess.), § 586, eff. July 1, 2022.)