SPRINGFIELD – In 2023, instances of elder fraud cost victims over $3.4 billion, according to the FBI’s 2023 Elder Fraud Report. With more seniors falling victim to financial exploitation, State Senator Steve Stadelman has been working on strengthening protections to safeguard older adults and their financial savings.

“Fewer than 5% of elder financial abuse victims recover their lost savings,” said Stadelman (D-Rockford). “Allowing financial professionals the ability to pause suspicious transactions can be a big safeguard, protecting seniors and their life savings while concerns are being looked into.”

Senate Bill 1551 would allow financial advisors and other similar qualified individuals to delay transactions and disbursements from a person’s account if they suspect elder financial exploitation. It also would require them to report to the Illinois Department on Aging and Secretary of State’s securities department when they have reasonable belief that elder financial abuse has occurred.

The measure also would give broker-dealers, investment advisors and qualified individuals immunity from administrative, civil and criminal liability if they exercise good faith and reasonable care when making a report or delaying a transaction.

“This bill gives trusted professionals the tools and responsibility to speak up when something seems off,” said Stadelman. “We need to protect our most at-risk residents from bad actors, especially when it comes to their financial situation.”

Senate Bill 1551 passed the Senate April 10.