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IL HB2570
Bill
Status
2/4/2025
Primary Sponsor
Jay Hoffman
Click for details
AI Summary
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Creates the Surrogacy Agreement Escrow Protection Fund as a special income-earning fund in the State treasury to provide restitution to individuals who suffer monetary losses from escrow transactions related to gestational surrogacy contracts
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Restitution is limited to actual losses only and cannot include attorney's fees or other fees; payments must be ordered by the Director of Public Health and are considered a matter of grace, not a vested right
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Allows retroactive claims for monetary losses occurring on or after January 1, 2023
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Requires entities conducting surrogacy-related escrow transactions to pay an annual fee of $1,000 to fund the program
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Triggers a special assessment on escrow entities when the Fund balance falls below $150,000, with each entity assessed proportionally based on their share of escrow funds handled the previous calendar year
Legislative Description
SURROGACY ESCROW PROT FUND
Last Action
House Floor Amendment No. 2 Rule 19(c) / Re-referred to Rules Committee
4/11/2025