SB3118 mandates state agencies to adopt rules requiring facilities to disclose asset management company ownership and prohibit actions causing.
SB3118 requires state agencies to adopt rules for facilities to disclose if they are owned or managed by an asset management company. These facilities must also disclose the size of the asset management company's assets, individuals and institutions with interests, and debt held. The bill prohibits facilities from engaging in transactions that would cause financial distress. Violations are considered unlawful practices under the Consumer Fraud and Deceptive Business Practices Act. The Department must publish disclosures and notify the Attorney General and labor organizations of violations.
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