SB 1551 Illinois Senate · 104th Regular Session

AGING-FINANCIAL EXPLOITATION

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 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, of the requested disbursement and suspected financial exploitation. Contains provisions setting forth conditions upon which a delay of a disbursement shall expire; immunity for delaying disbursements; 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 to deprive such eligible adult of the ownership, use, benefit, or possession of his or her money, assets, or property.
Bill status passed 3 of 5 stages cleared
Introduction
Apr 2025
Committee Review
May 2025
Senate Passage
Apr 2025
House Passage
Governor
Introduced Apr 10, 2025 Last action May 9, 2025
Maddy AI version diff · 1 comparison

What changed between versions

Introduced Engrossed · 5 edits · Apr 10, 2025
MODERATE
This bill amends the Adult Protective Services Act to include financial brokers and investment advisors as mandated reporters of elder abuse. It also expands the legal definition of financial exploitation to cover unauthorized use of assets and actions taken through power of attorney or guardianship.
Scope change
The bill expands the scope of the Act to include the financial services industry, specifically requiring broker-dealers and investment advisors to report suspected exploitation and allowing them to delay disbursements to protect vulnerable adults' assets.
DEFINITION

Added new definitions for 'Broker-dealer', 'Caregiver', 'Abuser', and 'Adult with disabilities' to clarify who is covered under the law.

Modified the definition of 'financial exploitation' to explicitly include wrongful taking of assets and acts taken via power of attorney or guardianship.

REQUIREMENT

Added new requirements for broker-dealers and investment advisors to report suspected financial exploitation to the Department on Aging.

Added authority for broker-dealers and investment advisors to delay disbursements from an eligible adult's account when financial exploitation is suspected.

ELIGIBILITY

Modified the scope of the Act by adding specific exemptions for abuse caused by spiritual means, licensed health care professionals, or criminal activity by strangers and telemarketing scams.

Floor votes · Senate Apr 10, 2025

How they voted

3717
Passed · 4 other
Total votes 58
Apr 10, 2025
D Democratic39
36 Yea 3
92% Yea
R Republican19
1 Yea 17 Nay 1
89% Nay
Vote distribution
All Yea All Nay Mixed No data
Full legislative history

Actions timeline

Total actions
30
Key actions
5
Committee
9
Amendments
6
May 9, 2025
Committee
Rule 19(a) / Re-referred to Rules Committee
lower
Apr 17, 2025
Committee
Assigned to Judiciary - Civil Committee
lower
Apr 11, 2025
Committee
Referred to Rules Committee
lower
Apr 10, 2025
Introduced
Arrived in House
lower
Apr 10, 2025
Upper · Passed
Third Reading - Passed; 038-017-001
upper
Apr 10, 2025
Upper · Passed
Senate Floor Amendment No. 2 Adopted; Stadelman
upper
Apr 9, 2025
Introduced
Senate Floor Amendment No. 2 Recommend Do Adopt Judiciary; 005-003-000
upper
Apr 8, 2025
Introduced
Senate Floor Amendment No. 2 Assignments Refers to Judiciary
upper
Apr 4, 2025
Committee
Senate Floor Amendment No. 2 Referred to Assignments
upper
Apr 4, 2025
Introduced
Senate Floor Amendment No. 2 Filed with Secretary by Sen. Steve Stadelman
upper
Mar 19, 2025
Upper · Passed
Do Pass as Amended Judiciary; 009-000-000
upper
Mar 19, 2025
Upper · Passed
Senate Committee Amendment No. 1 Adopted
upper
Feb 25, 2025
Upper · Passed
Senate Committee Amendment No. 1 Assignments Refers to Judiciary
upper
Feb 20, 2025
Committee
Senate Committee Amendment No. 1 Referred to Assignments
upper
Feb 20, 2025
Introduced
Senate Committee Amendment No. 1 Filed with Secretary by Sen. Steve Stadelman
upper
Feb 11, 2025
Committee
Assigned to Judiciary
upper
Feb 4, 2025
Committee
Referred to Assignments
upper
2 primary · 2 co-sponsors

Sponsors