HB4728

Illinois HB4728 mandates state agencies to enforce rules requiring facilities to disclose asset management company ownership and prohibit certain.

HB4728 amends several Illinois Acts to require state agencies to adopt rules mandating facilities to disclose if they are owned or managed by an asset management company. These facilities must also disclose details about the asset management company's assets, the facility's debt, and other financial metrics. The bill prohibits these facilities from engaging in transactions that could lead to financial distress. Violations are considered unlawful practices under the Consumer Fraud and Deceptive Business Practices Act.