IL SB2047

Sets a $10,000 household asset limit for children eligible for KidCare and Covering ALL KIDS programs, excluding the primary residence and one vehicle used for transportation (not recreational vehicles).

Requires eligible children to report changes in income and circumstances affecting eligibility within 30 days; failure to report without good cause is a Class A misdemeanor with fines up to $10,000 and requires repayment of wrongly received benefits.

Mandates the Department of Healthcare and Family Services promulgate rules to implement these changes by January 1, 2012.

Applies asset limits and reporting requirements to both children and parents/guardians under the FamilyCare program within the Children's Health Insurance Program Act.

Takes effect immediately upon enactment.