Relating to the review and approval by the department of inspections, appeals, and licensing of housing and health care facility acquisitions by private equity firms

The inclusion of this explanation does not constitute agreement with the explanation’s substance by the members of the general assembly. This bill requires the department of inspections, appeals, and licensing (DIAL) to review any acquisition of housing or health care facilities by a private equity firm. The bill prohibits a private equity firm from completing an acquisition without approval from DIAL and requires a private equity firm to give notice to DIAL of the intended acquisition 60 days before the intended acquisition. The bill prohibits DIAL from approving an acquisition unless DIAL determines that the acquisition is in the public interest, which means the acquisition must not be likely to reduce access to quality, affordable housing or health care services. The bill requires a private equity firm to provide information concerning the acquisition to DIAL upon request. The bill provides that DIAL must post notice of any pending acquisition on DIAL’s internet site and allow for public comment. DIAL may also hold public forums on a pending acquisition. The bill allows DIAL to seek an injunction to enforce the bill’s provisions.