I. Any provider who plans to sell or otherwise transfer control, whether partial or entire, or an interest in the management or assets of a continuing care community certified under this chapter shall notify the commissioner of the proposed change. The notification shall specify the amount of interest involved in the transfer, the type of transfer, and to whom. The commissioner may refuse to approve such transfer until full disclosure has been made, to his satisfaction, of the terms and conditions of the transfer and he has determined that such transfer is in the best interests of the residents and the state of New Hampshire.
II. If the commissioner determines that management control or more than 50 percent of the assets of the facility have been or are about to be transferred to another party, he shall cancel the existing certificate of authority and require that an application for a certificate of authority be submitted by the new provider within 30 days.
III. [Repealed.]