IL SB3621 | 2017-2018 | 100th General Assembly

Status

Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on July 25 2018 - 25% progression
Action: 2018-07-25 - Referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

Summary

Creates the Protect Vulnerable Adults from Financial Exploitation Act. Provides that any investment adviser, salesperson, or other financial personnel who reasonably believes that financial exploitation of an eligible adult may have occurred, may have been attempted, or is being attempted shall promptly notify the Securities Director of the Securities Department and may also notify any third party previously designated by the eligible adult. Grants such persons immunity from any administrative or civil liability that might arise from such governmental or third-party disclosures. Provides that an investment adviser, salesperson, or other financial personnel may delay the disbursement of funds from the account of an eligible adult or any account that an eligible adult is a beneficiary of if financial exploitation is suspected. Provides that any delayed disbursement of funds shall expire upon the sooner of: (i) a determination that the disbursement will not result in financial exploitation of the eligible adult; or (ii) 15 business days after the date upon which the funds were first delayed, unless the Securities Director requests an extension. Permits a court to enter an order extending the delay of the disbursement of funds or to order other protective relief. Grants immunity to any investment adviser, salesperson, or other financial personnel from any administrative or civil liability that might arise from a delay in the disbursement of funds. Requires an investment adviser, salesperson, or other financial personnel to provide access to or copies of records that are relevant to the suspected or attempted financial exploitation of an eligible adult to State agencies charged with administering State adult protective services laws and to law enforcement. Defines terms. Effective immediately.

Tracking Information

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Title

SENIORS-FINANCIAL EXPLOITATION

Sponsors


History

DateChamberAction
2018-07-25SenateReferred to Assignments
2018-07-25SenateFirst Reading
2018-07-25SenateFiled with Secretary by Sen. Chris Nybo

Illinois State Sources


Bill Comments

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