SB1551 - 104th General Assembly (2025-2026)
AGING-FINANCIAL EXPLOITATION
Last Action
5/09/2025 - House: Rule 19(a) / Re-referred to Rules Committee
Statutes Amended In Order of Appearance
Synopsis As Introduced
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.
Senate Committee Amendment No. 1
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.
Senate Floor Amendment No. 2
Deletes reference to:
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.
Actions
| Date | Chamber | Action |
|---|---|---|
| 2/04/2025 | Senate | Filed with Secretary by Sen. Steve Stadelman |
| 2/04/2025 | Senate | First Reading |
| 2/04/2025 | 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 |
| 3/06/2025 | 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 |
| 4/04/2025 | Senate | Senate Floor Amendment No. 2 Filed with Secretary by Sen. Steve Stadelman |
| 4/04/2025 | Senate | Senate Floor Amendment No. 2 Referred to Assignments |
| 4/08/2025 | Senate | Senate Floor Amendment No. 2 Assignments Refers to Judiciary |
| 4/08/2025 | Senate | Second Reading |
| 4/08/2025 | Senate | Placed on Calendar Order of 3rd Reading April 9, 2025 |
| 4/09/2025 | 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 |
| 5/09/2025 | House | Rule 19(a) / Re-referred to Rules Committee |