IL SB3118

Requires facilities serving individuals with developmental disabilities to disclose quarterly whether they are owned or managed by asset management companies, including details on assets under management, debt levels, ownership interests, fees collected, and employee counts by job classification.

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

Prohibits asset management company-owned facilities from engaging in transactions that would cause financial distress through excessive debt, debt-funded dividends, or management fees that threaten the facility's financial stability.

Violations constitute unlawful practices under the Consumer Fraud and Deceptive Business Practices Act, with the Attorney General and labor organizations authorized to take enforcement action.

State agencies must adopt implementing rules by December 31, 2026, and publish all disclosures, notices, and violation determinations on their public websites.