N.J. Admin. Code § 8:43B-6.2

Current through Register Vol. 56, No. 12, June 17, 2024

Section 8:43B-6.2 - Ownership and location of AFC sponsor agency

(a) An AFC sponsor agency shall notify the Department, in writing, of any proposed relocation of its offices at least 60 days prior to the change.

(b) The ownership and governance of an AFC sponsor agency shall be disclosed to the Department in an applicant's initial application for licensure as an AFC sponsor agency.

(c) Prior to transferring ownership of an AFC sponsor agency, a prospective new owner shall submit to the Department the transfer of ownership fee in the amount of $ 500.00 and an application for change of ownership comprising the following:

1. A cover letter stating the applicant's intention to purchase the AFC sponsor agency, specifically identifying the AFC sponsor agency by name, address, and county;

2. A description of the proposed transaction, including:

i. Identification of the current owners of the AFC sponsor agency;

ii. Identification of the proposed new owners, including the names and addresses of all principals with at least a 10 percent interest or, for non-profit entities, the names and addresses of the members of the Board; and

iii. If applicable, a copy of the applicant's organizational chart that describes the parent corporations and wholly owned subsidiaries of the applicant;

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

4. Disclosure of any licensed health care facilities in any state that the proposed owner or any of the principals owns, operates, or manages; and letters from the regulatory agencies in each respective state having jurisdiction over a facility, verifying that, during the 12 months immediately preceding the date of the application, the facilities have operated in substantial compliance and had no enforcement actions imposed.

(d) Approval of a change of ownership is also contingent upon the Department's review of the applicant's history of service, in accordance with N.J.A.C. 8:43E-5.1.

(e) If the Department determines the application to be acceptable, the Department shall send the applicant an approval letter and a license application.

(f) Within five business days after the transaction to change ownership has been completed, the applicant shall submit the following documents to the Department:

1. A completed application for licensure as an AFC sponsor agency; and

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

N.J. Admin. Code § 8:43B-6.2

Adopted by 55 N.J.R. 377(a), effective 3/6/2023