Illinois General Assembly - Bill Status for SB 1551

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.

Changes the definition of "financial exploitation" to include any act or omission taken by a person to convert money, assets, or property of the eligible adult through deception, intimidation, or undue influence, in order to deprive the eligible adult of the ownership, use, benefit, or possession of his or her money, assets, or property (rather than any act or omission taken by a person to 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). Provides that a broker-dealer, investment advisor, or other qualified individual shall (rather than may) notify any third party previously designated by the eligible adult of a suspected case of financial exploitation; and that such disclosure shall not (rather than may not) be made to any designated third party who is suspected of financial exploitation or other abuse of the eligible adult. Adds an internal cross-reference.

Replaces everything after the enacting clause. 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.

Date	Chamber	Action
5/9/2025	House	Rule 19(a) / Re-referred to Rules Committee

Date	Chamber	Action
2/4/2025	Senate	Filed with Secretary by Sen. Steve Stadelman
2/4/2025	Senate	First Reading
2/4/2025	Senate	Referred to Assignments
2/11/2025	Senate	Assigned to Judiciary
2/20/2025	Senate	Postponed - Judiciary
2/20/2025	Senate	Senate Committee Amendment No. 1 Filed with Secretary by Sen. Steve Stadelman
2/20/2025	Senate	Senate Committee Amendment No. 1 Referred to Assignments
2/25/2025	Senate	Senate Committee Amendment No. 1 Assignments Refers to Judiciary
3/6/2025	Senate	Postponed - Judiciary
3/19/2025	Senate	Senate Committee Amendment No. 1 Adopted
3/19/2025	Senate	Do Pass as Amended Judiciary; 009-000-000
3/19/2025	Senate	Placed on Calendar Order of 2nd Reading March 20, 2025
4/4/2025	Senate	Senate Floor Amendment No. 2 Filed with Secretary by Sen. Steve Stadelman
4/4/2025	Senate	Senate Floor Amendment No. 2 Referred to Assignments
4/8/2025	Senate	Senate Floor Amendment No. 2 Assignments Refers to Judiciary
4/8/2025	Senate	Second Reading
4/8/2025	Senate	Placed on Calendar Order of 3rd Reading April 9, 2025
4/9/2025	Senate	Senate Floor Amendment No. 2 Recommend Do Adopt Judiciary; 005-003-000
4/10/2025	Senate	Added as Chief Co-Sponsor Sen. Mike Simmons
4/10/2025	Senate	Recalled to Second Reading
4/10/2025	Senate	Senate Floor Amendment No. 2 Adopted; Stadelman
4/10/2025	Senate	Placed on Calendar Order of 3rd Reading
4/10/2025	Senate	Third Reading - Passed; 038-017-001
4/10/2025	Senate	Added as Chief Co-Sponsor Sen. Lakesia Collins
4/10/2025	House	Arrived in House
4/10/2025	House	Chief House Sponsor Rep. Dave Vella
4/11/2025	House	First Reading
4/11/2025	House	Referred to Rules Committee
4/17/2025	House	Assigned to Judiciary - Civil Committee
5/9/2025	House	Rule 19(a) / Re-referred to Rules Committee

	Deletes reference to:
	5 ILCS 140/7