MN HF4669

Prohibits nonprofit health care entities from entering conversion transactions if officers, directors, executives, or their family members have financial interests in or receive compensation from entities receiving the nonprofit's assets or entities doing business with them.

Requires nonprofit health care entities to notify the Minnesota attorney general before converting, including providing itemized public benefit assets, independent third-party valuations, and a distribution plan to a conversion benefit entity.

Establishes a 90-day waiting period after notice to the attorney general before a conversion transaction can proceed, which the attorney general may waive, extend by 90 days, or suspend during investigations.

Authorizes district courts to impose civil penalties of up to $100,000 per violation against individual officers or directors and up to $1,000,000 against corporations, plus remedies including injunctions, restitution, receiver appointments, and transaction unwinding.

Extends the moratorium on nonprofit health care entity conversion transactions from July 1, 2023 to July 1, 2033, restricting conversions to transfers to 501(c)(3) exempt corporations or Minnesota nonprofit hospitals within the same integrated health system.