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

NOTE: There are more recent revisions of this legislation. Read Latest Draft

---

Bill Title: Reinserts the provisions of House Amendment No. 1 with the following changes. Clarifies that the pre-sale disclosure requirements apply only to life care contracts that are subject to refund. Provides that, upon request, current residents, former residents awaiting refunds, and the estates of former residents awaiting refunds shall be provided with the most recent entry fee refund disclosures. Provides that, if a payee for an entry fee refund cannot be determined, for purposes of calculating the data required in the pre-sale disclosure, a refund shall be considered complete when a new resident occupies the living unit.

Spectrum: Partisan Bill (Democrat 9-0)

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

Download: Illinois-2023-HB4276-Introduced.html

---

103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB4276 Introduced , by Rep. Janet Yang Rohr SYNOPSIS AS INTRODUCED:
210 ILCS 40/5 from Ch. 111 1/2, par. 4160-5
Amends the Life Care Facilities Act. Provides that the financial disclosure provided to a resident must include, but is not limited to, fee schedules; fee adjustment policies; the history of fee increases; reserve funding provisions; expected source of funding for the development of new facilities; refund policies; and the status of resident claims on assets if the facility were to fall into bankruptcy or insolvency (instead of only a disclosure of short-term assets and liabilities). Provides that the required financial disclosures shall also be posted in a conspicuous location in the facility to which residents must have access.
LRB103 34669 RPS 64512 b
A BILL FOR
HB4276 LRB103 34669 RPS 64512 b
AN ACT concerning regulation.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Life Care Facilities Act is amended by
changing Section 5 as follows:
(210 ILCS 40/5) (from Ch. 111 1/2, par. 4160-5)
Sec. 5. (a) At the time of or 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 resident a copy of a financial disclosure
statement reflecting the provider's financial condition. This
statement must shall include, but is not limited to, the
following financial disclosures: but not be limited to,
disclosure of short term assets and liabilities.
(1) fee schedules;
(2) fee adjustment policies;
(3) the history of fee increases;
(4) reserve funding provisions;
(5) expected source of funding for the development of
new facilities;
(6) refund policies; and
(7) status of resident claims on assets if the
facility were to fall into bankruptcy or insolvency.

HB4276 - 2 - LRB103 34669 RPS 64512 b