103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB4174
 
Introduced , by Rep. Margaret Croke
 
SYNOPSIS AS INTRODUCED:
 
New Act
    Creates the Medical Financing Disclosure Act. Provides that, beginning January 1, 2025, medical providers referring patients to any third-party medical financing plan are required to disclose (i) that the referred financing plan is from a third-party entity or provider that is unaffiliated with the medical provider or with a governmental entity, if applicable, and (ii) specified relevant terms of the plan. Defines "third-party medical financing plan".


LRB103 34596 RPS 64434 b

 
 
A BILL FOR
 
HB4174LRB103 34596 RPS 64434 b

1    AN ACT concerning regulation.
 
2    Be it enacted by the People of the State of Illinois, 
3represented in the General Assembly:
 
4    Section 1. Short title. This Act may be cited as the 
5Medical Financing Disclosure Act.
 
6    Section 5. Definition. In this Act, "third-party medical 
7financing plan" means a medical financing plan, such as a 
8medical credit card offering a structured installment loan 
9plan, offered by a private entity unaffiliated with the 
10medical provider referring the plan or with any governmental 
11entity. 
 
12    Section 10. Required disclosures. Beginning January 1, 
132025, medical providers referring patients to any third-party 
14medical financing plan are required to disclose the following: 
15        (1) that the referred financing plan is from a 
16    third-party entity or provider that is unaffiliated with 
17    the medical provider or with a governmental entity, if 
18    applicable; and
19        (2) the relevant terms of the plan, including, at 
20    minimum, the following:
21            (A) the offered annual percentage rate for the 
22        financing plan, and whether the plan offers the annual 
 
 
HB4174- 2 -LRB103 34596 RPS 64434 b

1        percentage rate based on a prospective patient's 
2        credit score rather than a flat annual percentage 
3        rate; 
4            (B) down payments or fees associated with the 
5        plan; 
6            (C) medical services covered by the plan; 
7            (D) relevant term lengths; 
8            (E) the length of any promotional period, such as 
9        deferred interest, and the interest and fees that will 
10        be charged once the promotional period has concluded; 
11        and 
12            (F) any applicable credit limit.