Illinois General Assembly - Illinois Compiled Statutes

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210 ILCS 40/5

(210 ILCS 40/5) (from Ch. 111 1/2, par. 4160-5)

Sec. 5.

(a) At the time of or prior to the execution of a life care
contract and the transfer of any money or other property to a provider or
escrow agent, the provider shall deliver to the resident a copy of a financial
disclosure statement reflecting the provider's financial condition.  This
statement shall include, but not be limited to, disclosure of short term
assets and liabilities.

(b) The life care contract shall provide that any person entering into
the contract shall have a period of 14 days beginning with the first full
calendar day following the execution of the contract, or the payment of
an initial sum of money as a deposit or application fee, or receipt of the
financial disclosure statement, whichever occurs last, within which to rescind
the life care contract without penalty or further obligation.  In the event
of such rescission, all money or property paid or transferred by such person
shall be fully refunded.  No person shall be required to move into a facility
until after the expiration of the 14 day rescission period.  No permit shall
be issued under this Act if the form of life care contract attached as an
exhibit in support of the application for permit as provided in Section
4 does not contain the provisions required by this paragraph (b).

(Source: P.A. 82-547.)