Illinois Compiled Statutes
210 ILCS 40/5 (2026)
(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
✓ current as of May 2026
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(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.)
Notes of Decisions
Cited in 2
cases, 2014–2014 · leading case: People v. Elliott, 2014 IL 115308 (Ill. 2014).
People v. Elliott, 2014 IL 115308 (Ill. 2014). “” 210 ILCS 40/5(b) (West 2008). ¶ 15 Clearly, in this context, “rescind” is meant to have a retroactive meaning, as the consequence of a rescission is to undo the life care contract in its entirety and to restore the parties to their previous positions as if the contract had…”
People v. Elliott, 2014 IL 115308 (Ill. 2014). “” 210 ILCS 40/5(b) (West 2008). Clearly, in this context, “rescind” is meant to have a retroactive meaning, as the consequence of a rescission is to undo the life care contract in its entirety and to restore the parties to their previous positions as if the contract had never…”
— 210 ILCS 40/5(b) — 2 cases
People v. Elliott, 2014 IL 115308 (Ill. 2014). “” 210 ILCS 40/5(b) (West 2008). ¶ 15 Clearly, in this context, “rescind” is meant to have a retroactive meaning, as the consequence of a rescission is to undo the life care contract in its entirety and to restore the parties to their previous positions as if the contract had…”
People v. Elliott, 2014 IL 115308 (Ill. 2014). “” 210 ILCS 40/5(b) (West 2008). Clearly, in this context, “rescind” is meant to have a retroactive meaning, as the consequence of a rescission is to undo the life care contract in its entirety and to restore the parties to their previous positions as if the contract had never…”
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