IL SB2866

Requires medical assistance applicants and recipients to authorize the Department of Healthcare and Family Services to obtain financial records from financial institutions when asset verification is necessary for eligibility determination based on age, blindness, or disability status.

Allows financial institutions (banks, savings banks, credit unions, etc.) to furnish financial records to the State upon applicant or recipient authorization, with the State paying reasonable fees not exceeding actual costs and applicants/recipients paying no fees.

Amends the Illinois Banking Act, Illinois Savings and Loan Act of 1985, Savings Bank Act, and Illinois Credit Union Act to permit financial institutions to disclose customer information in accordance with federal asset verification requirements under Section 1940 of the Social Security Act.

Adds Section 11-5.1 to the Illinois Public Aid Code establishing procedures for verifying applicant and recipient eligibility for medical assistance, including income verification and cooperation with other state agencies for electronic data access.

Provides that financial institutions furnishing information under this authorization are protected from liability to account holders for disclosure to State agencies, provided the disclosure does not constitute gross negligence or willful misconduct.