Vermont § 8003 Sale or transfer of ownership

Vermont Statutes

§ 8003 — Sale or transfer of ownership

Vermont § 8003

Title 8Title 8: Banking and Insurance

Ch. 151Chapter 151: Continuing Care Retirement Communities

This text of Vermont § 8003 (Sale or transfer of ownership) is published on Counsel Stack Legal Research, covering Vermont primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Vt. Stat. Ann. tit. 8, § 8003 (2026).

Text

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.)

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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.)