IL SB3560

Establishes a Vendor Payment Program allowing vendors with unpaid state invoices outstanding for 90+ days to sell those receivables to qualified purchasers, who then receive payment and accrued prompt payment penalties from the State.

Excludes medical assistance program and Medicaid payments from the program, and prohibits vendors from simultaneously offering the same receivable to multiple purchasers.

Requires qualified purchasers to submit monthly reports detailing purchased receivables, payments received, penalties collected, and other specified data to the State Comptroller and Department of Central Management Services within 10 days of month-end.

Mandates qualified purchasers disclose all persons, entities, and financial backers with direct or indirect ownership interests, along with any earnings associated with program participation, annually and at application.

Authorizes the Office of the Auditor General to perform a performance audit of the program covering fiscal years 2019-2020 and requires publication of monthly reports and financial backer disclosures on state agency websites.