AB 3129 Summary

• Requires private equity groups and hedge funds to obtain written consent from the California Attorney General before acquiring health care facilities, provider groups, or providers, with notice provided at least 90 days before the transaction.

• Authorizes the Attorney General to consent to, conditionally consent to, or deny transactions based on whether they may have substantial anticompetitive effects or create significant effects on health care access and availability, applying a public interest standard.

• Allows private equity groups and hedge funds to request a waiver of notice and consent requirements if the health care entity has lost money for 3+ years, faces bankruptcy, and the transaction ensures continued care access.

• Permits private equity groups and hedge funds to request an evidentiary hearing before an administrative law judge to challenge the Attorney General's non-consent determination, with subsequent judicial review available.

• Prohibits private equity groups and hedge funds involved with physician, psychiatric, or dental practices from interfering with professional medical judgment or controlling patient medical records, hiring decisions, billing procedures, or medical equipment selection.