§ 23-59-8 - Financial instability.
SECTION 23-59-8
§ 23-59-8 Financial instability. –The department may act as authorized by § 23-59-16 to protect residents orprospective residents when the department determines that:
(1) A provider has been or will be unable, in such a manneras may endanger the ability of the provider to fully perform its obligationspursuant to its continuing care contracts, to meet the pro forma income or cashflow projections previously filed by the provider; or
(2) A provider is bankrupt, insolvent, under reorganizationpursuant to federal bankruptcy laws, or in imminent danger of becoming bankruptor insolvent.