Bill Amendment: IL HB4276 | 2023-2024 | 103rd General Assembly

NOTE: For additional amemendments please see the Bill Drafting List

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Bill Title: LIFE CARE FACILITY-DISCLOSURES

Status: 2024-08-09 - Public Act . . . . . . . . . 103-0812 [HB4276 Detail]

Download: Illinois-2023-HB4276-House_Amendment_001.html

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Rep. Janet Yang Rohr

Filed: 3/20/2024

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AMENDMENT TO HOUSE BILL 4276
AMENDMENT NO. ______. Amend House Bill 4276 by replacing
everything after the enacting clause with the following:
"Section 5. The Life Care Facilities Act is amended by
adding Sections 5.1 and 5.2 as follows:
(210 ILCS 40/5.1 new)
Sec. 5.1. Pre-sale disclosures.
(a) Prior to the execution of a life care contract and the
transfer of any money or other property to a provider or escrow
agent, the provider shall deliver to the consumer a pre-sale
disclosure printed on paper. The pre-sale disclosure shall be
signed by the consumer prior to executing a life care
contract. The pre-sale disclosure shall include:
(1) the caption, "ENTRY FEE REFUNDS: CONSUMER NOTICE",
in at least 28-point font and the remaining portion in at
least 12-point font;

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(2) the caption, "The timing of refunds for past
residents may not be indicative of your refund experience.
Your ability to collect on the full amount of the
calculated refund may be modified or nullified pending
market conditions, any future sale of this organization,
or in the event of bankruptcy.";
(3) the number of entry fee refunds returned by the
provider in the most recently completed calendar year;
(4) for refunds returned by the provider within the
most recently completed calendar year;
(A) the average number of months passed prior to
the refund of an entry fee by the provider; and
(B) the median number of months passed prior to
the refund of an entry fee by the provider;
(5) the number of entry fee contracts awaiting refunds
from the provider as of the last day of the most recently
completed calendar year;
(6) the percentage of entry fee contracts awaiting
refunds from the provider with wait times exceeding 24
months as of the end of the most recently completed
calendar year;
(7) the percentage of entry fee contracts awaiting
refunds from the provider with wait times exceeding 36
months as of the end of the most recently completed
calendar year; and
(8) the percentage of entry fee contracts awaiting

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refunds from the provider with wait times exceeding 60
months as of the end of the most recently completed
calendar year.
(b) Pre-sale disclosures may include additional data by
calendar year.