MEDICAID-ASSET VERIFY-BANK RCD Senate SponsorsSen. Jacqueline Y. Collins 1/13/2015SenateSession Sine Die 205 ILCS 5/48.1from Ch. 17, par. 360205 ILCS 105/3-8from Ch. 17, par. 3303-8205 ILCS 205/4013from Ch. 17, par. 7304-13205 ILCS 305/10from Ch. 17, par. 4411305 ILCS 5/11-5.1Amends the Illinois Public Aid Code. Provides that whenever the State determines that asset verification is necessary for a determination of eligibility on the basis of being aged, blind, or disabled, the Department of Healthcare and Family Services shall require the applicant for or recipient of medical assistance and any other person whose resources are required by law to be disclosed to determine the eligibility of the applicant or recipient for such assistance to provide authorization for the State to obtain any financial records held by any financial institution with respect to the applicant's or recipient's or such other person's resources, as applicable, from any financial institution holding such records. Provides that the records shall be produced at no cost to the applicant, recipient, or such other person. Defines "financial institution" and "financial records". Amends the Illinois Banking Act, the Illinois Savings and Loan Act of 1985, the Savings Bank Act, and the Illinois Credit Union Act. Permits the financial institutions subject to those Acts to furnish information in accordance with the federal requirement of asset verification as set forth in the Social Security Act and pursuant to authorization by a medical assistance applicant or recipient or by any other person whose resources are required by law to be disclosed to determine the eligibility of the applicant or recipient for such assistance. 1/30/2014SenateFiled with Secretary by Sen. Jacqueline Y. Collins 1/30/2014SenateFirst Reading 1/30/2014SenateReferred to Assignments 1/13/2015SenateSession Sine Die