Vermont § 3518 - Child care provider ownership disclosure

§ 3518. Child care provider ownership disclosure

• (a) Definitions. As used in this section: (1) “Affiliate” means a person that directly or indirectly owns or controls, is owned
  or controlled by, or is under common ownership or control with another person. (2) “Controls,” “is controlled by,” and “under common control” mean the power to direct,
  or cause the direction or management and policies of a person, whether through the
  direct or beneficial ownership of voting securities, by contract, or otherwise. A
  person who directly or beneficially owns 10 percent or more equity interest, or the
  equivalent thereof, of another person shall be deemed to control the person. (3) “Licensee” means a person that the Department approves to receive Child Care Financial
  Assistance Program funding for child care services pursuant to a provider rate agreement. (4) “Principal” means one of the following: (A) the president, vice president, secretary, treasurer, manager, or similar officer of
  a corporation as provided for by 11A V.S.A. § 8.40, nonprofit corporation as provided for by 11B V.S.A. § 8.40, mutual benefit enterprise as provided for by 11C V.S.A. § 822, cooperative as provided for by 11 V.S.A. § 1013, or worker cooperative corporation as provided for by 11 V.S.A. § 1089; (B) a director of a corporation as provided for by 11A V.S.A. § 8.01, nonprofit corporation as provided for by 11B V.S.A. § 8.01, mutual benefit enterprise as provided for by 11C V.S.A. § 801, cooperative as provided for by 11 V.S.A. § 1006, or worker cooperative corporation as provided for by 11 V.S.A. § 1089; (C) a member of a member-managed limited liability company as provided for by 11 V.S.A. § 4054; (D) manager of a manager-managed limited liability company as provided for by 11 V.S.A. § 4054; or (E) a partner of a partnership as provided for by 11 V.S.A. § 3212 or a general partner of a limited partnership as provided for by 11 V.S.A chapter
  23. (b) Disclosure. The Department shall adopt procedures to require each licensee to disclose, as a condition
  of receiving Child Care Financial Assistance Program funding pursuant to a provider
  rate agreement: (1) the type of business organization of the licensee; (2) the identity of the licensee’s owners and principals; and (3) the identity of the owners and principals of the licensee’s affiliates. (Added 2023, No. 76, § 12a, eff. July 1, 2023; amended 2023, No. 85 (Adj. Sess.), § 473, eff. July 1, 2024.)