Illinois SB 1389: AGING-FINANCIAL EXPLOITATION

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 Full Text of SB1389

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
SB1389

Introduced 1/29/2025, by Sen. Mike Simmons 

SYNOPSIS AS INTRODUCED:

320 ILCS 20/2 from Ch. 23, par. 6602

320 ILCS 20/2.5 new

 Amends the Adult Protective Services Act. Expands the list of mandated reporters under the Act to include broker-dealers and officers, managers, and employees of financial institutions. Provides that financial exploitation of an adult with disabilities or a person aged 60 or older occurs when a person or entity (i) takes, secretes, appropriates, obtains, or retains real or personal property of an eligible adult for a wrongful use or with intent to defraud, or both; (ii) assists in taking, secreting, appropriating, obtaining, or retaining real or personal property of an eligible adult for a wrongful use or with intent to defraud, or both; (iii) knowingly aids and abets in the taking, secreting, appropriating, obtaining, or retaining of real or personal property of an eligible adult for a wrongful use or with intent to defraud, or both; or (iv) takes, secretes, appropriates, obtains, or retains, or assists in taking, secreting, appropriating, obtaining, or retaining, real or personal property of an eligible adult by undue influence. Sets forth when a financial institution or an officer, manager, or employee of a financial institution, a broker-dealer, or an investment adviser is deemed to have assisted in taking, secreting, appropriating, obtaining, or retaining real or personal property of an eligible adult. Sets forth when all other mandated reporters are deemed to have assisted in taking, secreting, appropriating, obtaining, or retaining real or personal property of an eligible adult. Exempts from liability nonsupervisory employees of a fin