SPRINGFIELD – State Senator Steve Stadelman is working on efforts to ensure our state’s most vulnerable adults are not being taken advantage of financially.

“We have seen increased cases of financial exploitation recently, especially in older adults,” said Stadelman (D-Rockford). “It’s our duty to protect these vulnerable adults, and prioritizing legislation that empowers financial professionals to step in and defend against exploitation is a good first step.”

Senate Bill 1551 would require investment advisors and similar qualified individuals to report when they have a reasonable belief that financial exploitation has occurred with an eligible adult. It also allows advisors to delay disbursements from a person’s account if they have suspected elder financial exploitation.

The bill is based on a model act from the North American Securities Administration Association designed to protect vulnerable adults from financial exploitation. According to the FBI’s 2023 Elder Fraud Report, the average amount lost by victims is $33,915 and total losses in 2023 exceeded $3.4 billion.

“Financial advisors have the chance to prevent further financial harm to individuals and families if they are mandated to report suspicious activity,” said Stadelman. “It’s my hope this measure will further protect senior consumers and crack down on financial exploitation.”

Senate Bill 1551 passed the Senate Judiciary Committee Wednesday.