What is an Illinois Assisted Living and Shared Housing Act Bond?
Get to know the importance of this surety bond today!
You need this surety bond if you have an establishment that provides accommodation to unrelated adults (3 at least) in which 80% are 55 years of old or older.
Any person in the State of Illinois must submit a surety bond as part of the licensure requirement to operate an assisted living establishment or shared housing establishment.
The surety bond – under the provisions of the Assisted Living and Shared Housing Act – will serve as a guarantee regarding the lawful performance of the applicant once licensed.
The Principal (licensee) will be held liable for any damages as a result of a violation of the relevant state laws and rules.
Also, the license applicant must secure a surety bond if he or she does not have a permit under the Life Care Facilities Act or if the establishment requires application or entrance fees more than the resident’s minimum fees within a three-month period. The surety bond will ensure the reimbursement of the fees paid if the said establishment closes down.
What is the Assisted Living and Shared Housing Act License Bond amount?
The bond amount should be equal to the assisted living establishment or shared housing establishment’s operating expenses for three months, at the very least.
Those who have excellent credit scores will be eligible for a very low bond premium, or just 1% of the bond amount!
How can I get an Assisted Living and Shared Housing Act License Bond?
SEND US A BOND APPLICATION – We begin the bonding process with an application. You may send your application for this bond HERE!
UNDERWRITING – Once we have received your application, an underwriter will ask you to submit the following important requirements:
- Proof of your financial capability
- Your business’ history
- Your credit score
To avoid any delay, make sure that your requirements are complete before submitting them.
ISSUANCE – As soon as the underwriter has completed the necessary in-depth check, we will immediately issue the surety bond and send it to you!
What are the surety bond conditions?
- The surety bond should be issued by a surety bond agent or company that is authorized to conduct business in the State of Illinois
- The licensee must obey the provisions of the Assisted Living and Shared Housing Act, Part 295 of the Administrative Code, as well as the rules and regulations of the Illinois Department of Public Health
- If the licensee commits a violation, the Obligee of the surety bond will be eligible to file a claim against the bond up to its penal sum