Bill > SB1998

This bill amends the Illinois Antitrust Act to add new requirements for health care facility mergers, acquisitions, and contracting affiliations. Specifically, the bill requires health care facilities or provider organizations to notify the Attorney General at least 30 days before completing a "covered transaction," which includes mergers or affiliations between health care facilities not previously under common ownership. The bill introduces new definitions for "hedge fund" and "private equity group" and adds a critical provision that if a private equity group or hedge fund provides financing for a covered transaction, the Attorney General must provide written consent before the transaction can proceed. The notification must include details about the parties, their locations, the nature of the transaction, and anticipated effective date. The Attorney General can request additional information and has the power to investigate the transaction. Failure to comply with these notification requirements can result in civil penalties of up to $500 per day, and the Attorney General can seek a court injunction to stop non-compliant transactions. This legislation aims to provide greater oversight and transparency in health care facility consolidations, particularly those involving private equity or hedge fund financing.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1998&GAID=18&DocTypeID=SB&SessionID=114&GA=104