IL HB4276

Requires life care facility providers to deliver a printed pre-sale disclosure to consumers before executing a refundable life care contract, with disclosure signed by the consumer prior to contract execution.

Disclosure must include specific refund data from the most recently completed calendar year: average and median months before refund, percentage of contracts with wait times exceeding 24, 36, and 60 months, total number of pending refunds, and number of refunds returned.

Specifies that refund timing begins after a unit is permanently vacated, returned to resalable condition, and the resident has a zero balance due, or within 30 days of permanent vacation, whichever is shorter, excluding delays from estate-related factors outside the facility's control.

Current residents with refundable contracts, former residents awaiting refunds, and estates of former residents awaiting refunds may request the most current pre-sale disclosure data upon request.

Establishes a minimum monetary penalty of $500 for failure to provide the pre-sale disclosure in accordance with this section, with the Department authorized to adopt rules for enforcement and consider factors for repeat violations.