summary
Introduced
02/02/2026
02/02/2026
In Committee
02/17/2026
02/17/2026
Crossed Over
Passed
Dead
Introduced Session
104th General Assembly
Bill Summary
Amends the Adult Protective Services Act. Expands the list of mandated reporters to include investment advisers, investment adviser representatives, dealers and salespersons, and employees of financial institutions who have direct contact with eligible adults who are clients of the financial institution and have access to the financial information of the institution's clients. Permits a financial institution to place a transactional hold on an eligible adult's account if the institution's employees have a reasonable suspicion that a transaction or disbursement from the eligible adult's account may involve, facilitate, result in, or contribute to financial exploitation of the eligible adult. Provides that transactional holds must be followed by an internal review that satisfies the internal policies of the financial institution that issued the hold. Further provides that a financial institution that uses a transactional hold must create internal policies regarding identifying and reporting financial exploitation of eligible adults and transactional holds. Contains provisions on the duration of initial transactional holds and extended transactional holds; requirements on notification to law enforcement, especially in cases involving financial fraud that is outside the Act's scope; civil immunity for any financial institution and its employees who place a transactional hold on an eligible adult's account in good faith; mandated reporter training for specified employees of a financial institution; and other matters. Makes conforming changes to the Illinois Securities Law of 1953, the Illinois Banking Act, the Savings Bank Act, Illinois Credit Union Act, and the Criminal Code of 2012. Effective January 1, 2027.
AI Summary
This bill, effective January 1, 2027, expands protections against financial exploitation of eligible adults, defined as individuals aged 60 or older or adults aged 18-59 with disabilities who reside in a domestic setting and are vulnerable to exploitation. It mandates that investment advisers, investment adviser representatives, dealers, salespersons, and employees of financial institutions (banks, savings banks, credit unions) who have direct client contact and access to financial information must now report suspected financial exploitation, similar to existing mandated reporters. Furthermore, financial institutions are empowered to place a "transactional hold" on an eligible adult's account if there's a reasonable suspicion of financial exploitation, allowing for an initial 15-day hold followed by a potential 45-day extension, provided internal reviews and policies are followed. These institutions must also develop internal policies for identifying and reporting financial exploitation and transactional holds. The bill grants civil immunity to financial institutions and their employees who act in good faith when placing such holds, and requires specified employees to complete mandated reporter training. It also makes conforming changes to various Illinois laws, including the Illinois Securities Law of 1953, the Illinois Banking Act, the Savings Bank Act, the Illinois Credit Union Act, and the Criminal Code of 2012, to align with these new provisions.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Assigned to Financial Institutions and Licensing Committee (on 02/17/2026)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
Loading...