AMENDS THE ILLINOIS HEALTH FACILITIES PLANNING ACT (IL Certificate of Need law). Provides that the Health Facilities and Services Review Board may approve the transfer of an existing permit without regard to whether the permit to be transferred has yet been financially committed, except for permits to establish a new facility or category of service. Provides requirements for the reporting of financial commitments by permit holders. Removes existing provisions regarding annual reporting by permit holders. Removes provisions concerning major construction projects. Modifies provisions regarding the application for permits or exemptions, and exemption regulations. Modifies provisions regarding the approval of a permit application. Modifies the powers and duties of the Board and Board staff. Makes changes regarding the revision of criteria, standards, and rules; the giving of written notice of the reduction in hospital service; and issues concerning bed inventory. Makes specified provisions concerning fines for permit holders also apply to exemption holders under the Act. Makes conforming and other changes. Effective immediately.