Section 10-437 - Sale or transfer of assets - Notices to Department.
§ 10-437. Sale or transfer of assets - Notices to Department.
(a) In general.- A provider subject to § 10-436(b)(1) of this subtitle shall:
(1) at least 60 days before the sale, transfer, or other disposition, file with the Department a statement of intent to sell, transfer, or otherwise dispose of assets; and
(2) at least 30 days before the sale, transfer, or other disposition, give written notice to the Department of the proposed sale, transfer, or other disposition of assets.
(b) Statement of intent - Contents.- The statement of intent required to be filed with the Department under subsection (a)(1) of this section shall include:
(1) identification of each asset to be sold, transferred, or otherwise disposed of;
(2) if the provider is subject to § 10-436(b)(1) of this subtitle because of a series of sales, transfers, or other dispositions that have exceeded cumulatively 10% of its total assets, identification of each asset that has been sold, transferred, or disposed of; and
(3) the reason for the sale, transfer, or other disposition identified in item (1) of this subsection.
(c) Notice of proposed sale, transfer, or disposition - Contents.- The notice to the Department required under subsection (a)(2) of this section shall include:
(1) a statement that demonstrates that the proposed sale, transfer, or other disposition is not likely to have an unreasonably adverse effect on:
(i) the financial stability of the provider; or
(ii) the capacity of the provider to perform its obligations under its continuing care agreements; and
(2) any other information that the Department requires.
[An. Code 1957, art. 70B, § 11E(c); 2007, ch. 3, § 2.]