A provider shall obtain prior approval from the commissioner before declaring and distributing any dividends, if a for-profit entity, or, except as noted below, transferring any cash, dividends, or any other funds or assets of the provider to an affiliate of any entity. Notwithstanding this paragraph, if the provider has more than 80 percent occupancy of its independent living units, more than 100 days cash on hand, and the provider is otherwise in compliance with RSA 420-D and its material loan covenants, the provider shall not need commissioner approval for a transfer if the transfer is less than 10 percent of the provider's total assets for any consecutive 12-month period. A transfer of assets shall include a management or management-type fee that is not associated with providing goods and services by the affiliate. All management contracts between the provider and an affiliate shall be disclosed to the commissioner, and the commissioner shall have 30 days to object.
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