New Jersey § 52:27d-335

§ 52:27d-335.

a. A person who desires to acquire an ownership interest in a continuing care facility

shall so notify the department in writing at least 60 days in advance of the acquisition. The person shall obtain the approval of the commissioner for the acquisition prior

to the completion of the sale or transfer of the facility's ownership interest. b. For the purposes of this act, an acquisition of an ownership interest in a continuing

care facility shall be deemed to take place if: (1) The facility is a corporation and there is an acquisition by or a transfer of

ownership to an individual, partnership or corporation through purchase, contract,

donation, gift or stock option of 25% or more of the corporation's outstanding stock,

either preferred or common, or there is acquisition of the physical assets of the

facility by a newly formed or existing corporation; (2) The facility is a partnership and there is an acquisition by or a transfer of

ownership to an individual, partnership, or corporation of 10% or more of the existing

partnership's total capital interest or there is acquisition of the physical assets

of the facility by a newly formed or existing partnership; and (3) The facility is individually owned and there is a purchase of the physical assets

of the facility.