Montana Code 50-4-709. Receiving an application — notice of application
50-4-709. Receiving an application — notice of application. (1) Within 15 working days after receiving an application for a conversion transaction, the commissioner shall:
Terms Used In Montana Code 50-4-709
- Commissioner: means the Montana state auditor and ex officio commissioner of insurance provided for in 2-15-1903. See Montana Code 50-4-701
- conversion transaction: means the sale, transfer, lease, exchange, transfer by exercise of an option, optioning, conveyance, merger, affiliation, mutualization, joint venture, or other disposition by a nonprofit health entity or another person or entity resulting in the transfer of control or governance to a person or entity other than the nonprofit health entity of the lesser of:
(i)more than 10% in fair market value of the assets or operations of a nonprofit health entity; or
(ii)assets of a nonprofit health entity amounting to a fair market value of $5 million or more. See Montana Code 50-4-701
- Nonprofit health entity: means :
(i)a nonprofit health maintenance organization; or
(ii)a nonprofit health service corporation. See Montana Code 50-4-701
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
- Writing: includes printing. See Montana Code 1-1-203
(a)publish notice of the application by the internet and by press release to the most widely circulated newspapers in a nonprofit health entity‘s service area; and
(b)maintain a list of, and notify by e-mail or first-class mail, any person that has requested in writing notice of the filing of an application.
(2)The notice under subsection (1) must:
(a)state that an application has been received;
(b)state the names of the parties to the conversion transaction;
(c)describe the contents of the application;
(d)state the date by which a person shall submit written comments on the application; and
(e)provide the date, time, and place of the public hearing on the conversion transaction.