SPRINGFIELD – According to the FBI’s 2023 Elder Fraud Report, the average amount of money lost by victims of elder financial exploitation was $33,915 and total losses in 2023 exceeded $3.4 billion. At a press conference Wednesday, State Senator Steve Stadelman outlined his plan to protect and further prevent instances of elder financial abuse.

“It’s very common for older individuals to fall victim to financial abuse,” said Stadelman (D-Rockford). “The goal with this legislation is to protect our most vulnerable citizens and to ensure suspicious financial transactions can be paused until investigated.”

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

 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.

“By giving financial professionals the tools and legal protections they need to step in, they can help prevent seniors from losing their life savings,” said Stadelman.

Senate Bill 1551 is expected to receive a vote before the full Senate in the coming days.