Illinois General Assembly - Bill Status for SB1551

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.

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