How much does an assisted living and shared housing act bond cost in Illinois?
The Illinois Department of Public Health requires assisted living and shared housing facilities to post surety bonds in varying amounts in compliance with the Assisted Living and Shared Housing Act. Applicants should verify their required bond amount prior to bonding.
These bonds are subject to underwriting consideration, so the price you’ll pay depends not only on your required bond amount but also on your personal credit report. Request your free bond quote now!
|Bond Type||Bond Amount||Cost by Credit Score*|
|680 and up||679 - 600||599 or lower|
|Assisted Living and Shared Housing Act Bond||Varies||Starts at 1%||4-8%||10%+||Apply Now|
If you’re ready to become bonded quickly, easily and accurately, call SuretyBonds.com at 1 (800) 308-4358 or click here to fill out an online bond request form now.
Why do I need this bond?
By posting an Illinois assisted living and shared housing act bond, principals (assisted living and shared housing facilities) pledge to faithfully perform all requirements of the Assisted Living and Shared Housing Act and comply with all rules of the department made in accordance with the provisions of the act. Some of these provisions include:
- providing residents with an establishment that meets the standards of the Act
- providing all personnel with training and experience
- supplying medication reminders and the supervision of self-administered medication
- only accepting adults for residency that have met all requirements of the Act, passed the mandatory background check and do not cause a threat to other residents or staff
- providing all required medical services
- and more
These bonds protect harmed parties from financial loss resulting from the principal’s unethical and unlawful business practices up to the full bond amount.
What’s the fine print?
Illinois assisted living and shared housing act bonds can be released by the department if the surety gives the department written notice via certified mail at least 90 days prior to the effective cancellation date. These bonds remain in full force and effect if the principal remains in compliance with the terms of the surety bond contract.
How to become an assisted living or shared housing facility in Illinois
To become licensed as an assisted living or shared housing facility in Illinois, applicants must provide the following information to the Department:
- business name, street address, mailing address and telephone number of the establishment
- name and mailing address of the establishment owner
- financial information to establish if the project is financially feasible
- name and mailing address of the managing agent
- verification that the establishment has entered or will soon enter into a service delivery contract
- proof of an ongoing quality improvement program
- documentation of adequate liability insurance
- information about the number and types of units
- and more
Ready to become licensed in Illinois? Take the first step by requesting your free surety bond quote now!
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