Illinois SB 3118: DD FACILITY-ASSET MGMT COMPANY

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
SB3118

Introduced 2/2/2026, by Sen. Javier L. Cervantes 

SYNOPSIS AS INTRODUCED:

See Index

 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,