Blair-Sherlock supports HB4728 to increase oversight of asset management in developmental disability centers

Rep. Diane Blair-Sherlock (D-46th) gave her support to HB4728, which aims to require disclosures and enforce regulations on asset management companies involved with developmental disability facilities. The legislation was considered by the 104th General Assembly and received unanimous approval in the Illinois House, passing with a 117-0 vote on May 31, 2026, according to the Illinois House.

The official text of HB4728 identifies the bill as "DD FACILITY-ASSET MGMT COMPANY."

The summary below interprets the bill's language and is intended to clarify its provisions for the reader.

To summarize, the bill directs state agencies that license facilities or providers for people with developmental disabilities to issue rules, effective by Dec. 31, 2026, for quarterly disclosures from entities owned or managed by asset management companies. It requires early notification and submission of agreements related to major asset or control transfers. The legislation also prohibits deals resulting in excessive debt, borrowing for dividends, or fee structures that may jeopardize facility finances. Noncompliance with these rules is categorized as an unlawful act under the Consumer Fraud and Deceptive Business Practices Act, requires reporting to the attorney general and labor unions, mandates public disclosure of violations, and obligates agencies to publish violations online. The law takes effect immediately after enactment.

For HB4728, the legislative record notes: 'Senate Committee Amendment No. 1 House Concurs.'

Blair-Sherlock earned an associate degree from College of DuPage in 1985, a bachelor’s degree from Northern Illinois University in 1987, and a law degree from John Marshall Law School in 1993.

A Democrat, Blair-Sherlock began representing the 46th District in 2023 after winning election to the Illinois State House, succeeding Deborah Conroy.

Legislation in Illinois goes through a multi-step legislative process starting with introduction in the House or Senate, followed by committee review, debate on the floor, and votes in both chambers before advancing to the governor for final action. The General Assembly meets every two years, with thousands of bills introduced per session, but only a small percentage become law.