This bill outlines several requirements for child care centers owned by institutional investment entities to receive state funding. The provisions are designed to promote transparency, protect child care center employees, and maintain stability for families utilizing the services. Here are the key components:
Child Care Center Requirements:
The child care center can only charge a waitlist fee of up to $25.
The center must post and regularly update accurate pricing information on its website.
Institutional Investment Entity Requirements:
The entity must allow the child care center to maintain ownership of the property used for operations.
If the entity acquires a child care center, it must provide at least 60 days' notice to both employees and families with enrolled children if there are plans to lay off employees or change enrollment or eligibility requirements.
Scope of Application:
These requirements apply only to institutional investment entities that own five or more child care centers, as well as the centers they own.
Summary
The bill requires a child care center owned by an institutional
investment entity to meet the following requirements in order to receive state funding:
•
The child care center may only charge a wait list fee of no more than $25; and
•
The child care center shall post and update accurate child care pricing on the child care center's website.
The bill requires an institutional investment entity to meet the
following requirements in order to receive state funding:
•
Allow a child care center to maintain ownership of the property used to operate the child care center; and
•
Upon acquisition of a child care center, provide at least a 60-day notice to all child care center employees and families with children enrolled at the child care center if the institutional investment entity intends to lay off child care center employees or change enrollment or eligibility requirements for the child care center.
The requirements of the bill apply only to institutional investment
entities that own 5 or more child care centers and to child care centers that are owned by an institutional investment entity that owns 5 or more child care centers.
