IL HB4728

Requires facilities serving individuals with developmental disabilities to disclose by December 31, 2026 whether they are owned or managed by asset management companies (private equity, hedge funds, etc.), including quarterly reporting on assets, debt, ownership interests, fees, and staffing levels.

Mandates 90-day advance written notice to state agencies before any transaction that would sell, transfer, or dispose of material facility assets or transfer control of operations.

Prohibits asset management company-owned facilities from engaging in transactions likely to cause financial distress, including issuing debt-funded dividends or excessive management fees that could destabilize operations.

Applies to facilities licensed under multiple acts including the Community Living Facilities Licensing Act, MC/DD Act, ID/DD Community Care Act, Community-Integrated Living Arrangements Act, and Child Care Act of 1969, as well as adult day service providers.

Violations constitute unlawful practices under the Consumer Fraud and Deceptive Business Practices Act, with state agencies required to publish all disclosures and violation notices on public websites.