Amends the Community Living Facilities Licensing Act, the MC/DD Act, the ID/DD Community Care Act, the Community-Integrated Living Arrangements Licensure and Certification Act, and the Child Care Act of 1969. Requires the State agencies responsible for licensing facilities under those Acts to adopt, by December 31, 2026, rules requiring a facility to disclose upon initial application for licensure and on a quarterly basis thereafter, whether the facility, its subsidiaries, affiliates, parent companies, or contractual service providers are owned, managed, or contained within a fund owned or managed by an asset management company; and if so, to make certain disclosures about the asset management company's assets, the facility's debt, and other matters. Requires the State agencies to also adopt rules requiring such a facility to provide written notice of transactions and copies of agreements which would (i) sell or otherwise dispose of a material amount of the facility's assets or (ii) transfer control, responsibility, or governance of a material amount of the facility's assets or operations. Prohibits facilities owned or managed by an asset management company from engaging in certain transactions or actions that would result in the facility issuing debt-funded dividends or perform any other similar action causing the facility to become financially distressed. Provides that a violation of these requirements and prohibitions constitutes an unlawful practice within the meaning of the Consumer Fraud and Deceptive Business Practices Act. Requires the State agencies to publish disclosures, written notices, and copies of agreements submitted by facilities on the agencies' public websites. Imposes similar requirements and prohibitions on adult day service providers serving individuals with developmental disabilities under the Illinois Act on the Aging and providers of adult developmental training services under the Mental Health and Developmental Disabilities Administrative Act. Effective immediately.

Statutes affected:
Introduced: 20 ILCS 105/3, 20 ILCS 105/4, 20 ILCS 1705/2, 20 ILCS 1705/15, 20 ILCS 1705/68, 210 ILCS 35/3, 210 ILCS 35/19, 210 ILCS 46/3, 210 ILCS 47/3, 210 ILCS 135/3, 210 ILCS 135/9, 225 ILCS 10/2, 225 ILCS 10/7, 815 ILCS 505/2