summary
Introduced
02/02/2026
02/02/2026
In Committee
02/02/2026
02/02/2026
Crossed Over
Passed
Dead
Introduced Session
104th General Assembly
Bill Summary
Amends the Community Living Facilities Licensing Act, the MC/DD Act, the ID/DD Community Care Act, the Community-Integrated Living Arrangements Licensure and Certification Act, and the Child Care Act of 1969. Requires the State agencies responsible for licensing facilities under those Acts to adopt, by December 31, 2026, rules requiring a facility to disclose upon initial application for licensure and on a quarterly basis thereafter, whether the facility, its subsidiaries, affiliates, parent companies, or contractual service providers are owned, managed, or contained within a fund owned or managed by an asset management company; and if so, to make certain disclosures about the asset management company's assets, the facility's debt, and other matters. Requires the State agencies to also adopt rules requiring such a facility to provide written notice of transactions and copies of agreements which would (i) sell or otherwise dispose of a material amount of the facility's assets or (ii) transfer control, responsibility, or governance of a material amount of the facility's assets or operations. Prohibits facilities owned or managed by an asset management company from engaging in certain transactions or actions that would result in the facility issuing debt-funded dividends or perform any other similar action causing the facility to become financially distressed. Provides that a violation of these requirements and prohibitions constitutes an unlawful practice within the meaning of the Consumer Fraud and Deceptive Business Practices Act. Requires the State agencies to publish disclosures, written notices, and copies of agreements submitted by facilities on the agencies' public websites. Imposes similar requirements and prohibitions on adult day service providers serving individuals with developmental disabilities under the Illinois Act on the Aging and providers of adult developmental training services under the Mental Health and Developmental Disabilities Administrative Act. Effective immediately.
AI Summary
This bill requires state agencies that license various community living facilities, including those serving individuals with intellectual and developmental disabilities, child care institutions, and adult day service providers, to adopt rules by December 31, 2026. These rules will mandate that such facilities disclose if they, their subsidiaries, affiliates, parent companies, or contractual service providers are owned or managed by an asset management company, which is defined as a business primarily engaged in managing and investing client funds. If an asset management company is involved, facilities must provide detailed information about the company's assets, the facility's debt, and related fees. Additionally, facilities must notify the state of any significant transactions involving their assets or operations and are prohibited from engaging in actions that could lead to financial distress, such as issuing debt-funded dividends. Violations of these provisions will be considered unlawful practices under the Consumer Fraud and Deceptive Business Practices Act, and the state agencies will be required to publish all submitted disclosures and transaction notices on their public websites.
Sponsors (4)
Last Action
Added as Chief Co-Sponsor Sen. Omar Aquino (on 02/05/2026)
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