IL HB5307

Service providers may accept recipient funds for safekeeping with written authorization from the recipient or guardian, and must maintain written records of all financial transactions with quarterly access for recipients or guardians.

Service providers must purchase and maintain a surety bond or crime coverage insurance equal to or greater than all recipient personal funds on deposit to protect against loss, theft, and insolvency.

Recipient funds in excess of $100 must be deposited in interest-bearing accounts insured by state or federal agencies, with the provider holding only fiduciary interest and all interest accruing to the recipient.

Service providers must keep recipient funds in separate accounts, withdraw funds only for authorized purposes, and return all funds plus accrued interest upon written request from the recipient or guardian.

Upon a recipient's death, the service provider must provide the estate executor with complete accounting of all personal property and funds; when recipients change providers, the former provider must provide written verification by a public accountant and obtain a signed receipt from the new provider.