Long Term Care Facility Operators operating in the State of Illinois are required under 210 ILCS 45/2-201(5) to execute an Illinois Long-Term Care Facility Resident Fund Bond to ensure compliance with licensure.
A surety bond protects the party requesting the bond, the Obligee, against any financial losses as a result of poor financial decisions, damages, unethical decisions, or a failure to follow state and local laws on the part of you, the Principal. The Illinois Long-Term Care Facility Resident Fund Bond holds you accountable for your business decisions.
By possessing an Illinois Long-Term Care Facility Resident Fund Bond, you are telling your Obligee that you can be trusted as a Principal and that you stand behind your business decisions.