N.J. Admin. Code § 8:43-4.3

Current through Register Vol. 56, No. 21, November 4, 2024

Section 8:43-4.3 - Transfer of ownership

(a) Prior to transferring ownership of a facility, the prospective new owner shall submit an application to the Office of Certificate of Need and Healthcare Facility Licensure. The application shall include the following items:

1. The transfer of ownership fee of $750.00, in accordance with 8:43-2.1(g);

2. A cover letter stating the applicant's intent to purchase the facility, and identification of the facility by name, address, county, and number and type of licensed beds;

3. A description of the proposed transaction, including identification of the current owners of the facility; identification of 100 percent of the proposed new owners, including the names and addresses of all principals (that is, individuals and/or entities with a 10 percent or more interest); and, if applicable, a copy of an organizational chart, including parent corporations and wholly owned subsidiaries;

4. A copy of the agreement of sale and, if applicable, a copy of any lease and/or management agreements; and

5. Disclosure of any licensed health care facilities owned, operated, or managed in New Jersey or any other states. If facilities are owned in other states, letters from the regulatory agencies in each respective state, verifying that the facilities have operated in substantial compliance during the last 12-month period and have had no enforcement actions imposed during that period of time, must be included in the application.

(b) Approval of a transfer of ownership is contingent upon a review of the applicant's track record, in accordance with the rules specified at 8:33-4.10 and 8:43E-5.1.

(c) Approval of a transfer of ownership is contingent upon payment of all outstanding State penalties issued by the Department against the current owner, or written verification by the applicant that the applicant will assume responsibility for payment of such State penalties.

(d) When a transfer of ownership application has been reviewed and deemed acceptable, an approval letter from the Office of Certificate of Need and Healthcare Facility Licensure shall be sent to the applicant along with licensure application forms.

(e) Within five days after the transaction has been completed, the applicant shall submit the following documents to the Office of Certificate of Need and Healthcare Facility Licensure:

1. Completed licensure application forms;

2. A notarized letter stating the date on which the transaction occurred; and

3. A copy of a certificate of continuing occupancy from the local township, or a letter from the township verifying a policy of not issuing any such document for changes of ownership.

N.J. Admin. Code § 8:43-4.3

Amended by 51 N.J.R. 1272(a), effective 8/5/2019