summary
Introduced
02/04/2025
02/04/2025
In Committee
05/09/2025
05/09/2025
Crossed Over
04/10/2025
04/10/2025
Passed
Dead
Introduced Session
104th General Assembly
Bill Summary
Amends the Adult Protective Services Act. Expands the list of mandated reporters under the Act to include a broker-dealer and any qualified individual who serves in a supervisory, compliance, or legal capacity for a broker-dealer or investment advisor. Permits a broker-dealer or investment advisor to delay a disbursement or transaction from an account of an eligible adult or an account on which an eligible adult is a beneficiary in cases of suspected financial exploitation. Sets forth certain actions a broker-dealer or investment advisor must take, including notifying the Department on Aging and the Illinois Securities Department within the Office of the Secretary of State, of the requested disbursement or transaction. Contains provisions setting forth conditions upon which a delay of a disbursement or transaction shall expire; immunity for delaying disbursements or transactions; and financial records access. Makes conforming changes throughout the Act. Expands the definition of "financial exploitation" to include (1) the wrongful or unauthorized taking, withholding, appropriation, or use of money, assets, or property of an eligible adult; or (2) any act or omission taken by a person, including through the use of a power of attorney, guardianship, or conservatorship of an eligible adult, to: (A) obtain control over the eligible adult's money, assets, or property; or (B) convert money, assets, or property of the eligible adult through deception, intimidation, or undue influence in order to deprive such eligible adult of the ownership, use, benefit, or possession of his or her money, assets, or property.
AI Summary
This bill amends the Adult Protective Services Act to expand protections against financial exploitation of eligible adults, specifically focusing on the role of broker-dealers, investment advisors, and qualified individuals in preventing and reporting financial abuse. The bill broadens the definition of "financial exploitation" to include wrongful taking of an eligible adult's assets, obtaining control through deception or undue influence, and converting an adult's property to deprive them of ownership or benefits. It adds broker-dealers, investment advisors, and qualified individuals to the list of mandated reporters who must notify the Department on Aging and the Illinois Securities Department if they suspect financial exploitation. The bill also introduces a new provision allowing these financial professionals to temporarily delay disbursements or transactions from an eligible adult's account if they reasonably believe financial exploitation may occur. When doing so, they must provide written notification, conduct an internal review, and report their findings within specific timeframes. Professionals who make such reports or delays in good faith are granted immunity from civil, criminal, or administrative liability. The legislation aims to provide an additional layer of protection for vulnerable adults by empowering financial professionals to intervene when they suspect financial abuse is taking place.
Committee Categories
Justice
Sponsors (4)
Last Action
Rule 19(a) / Re-referred to Rules Committee (on 05/09/2025)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1551&GAID=18&DocTypeID=SB&SessionID=114&GA=104 |
| BillText | https://www.ilga.gov/legislation/104/SB/10400SB1551eng.htm |
| Senate Amendment 002 | https://www.ilga.gov/legislation/104/SB/10400SB1551sam002.htm |
| Senate Amendment 001 | https://www.ilga.gov/legislation/104/SB/10400SB1551sam001.htm |
| BillText | https://www.ilga.gov/legislation/104/SB/10400SB1551.htm |
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