Sunday, July 25, 2010

FYI: Illinois Enacts Elder Exploitation Monitoring Law

Illinois Governor Pat Quinn recently signed into law a bill intended to protect Illinois’ seniors from financial exploitation, through monitoring by regulated financial institutions.  Senate Bill 3267 (attached) requires the Illinois Department on Aging (IDoA) and Illinois Department of Financial and Professional Regulation (IDFPR) to develop training standards to be used by employees of financial institutions who have direct contact with customers. The employees will be trained to identify the indicators of financial exploitation, as well as how to report exploitation.  A copy of the bill showing the new statutory language is attached.

Compliance with the training standards will become part of IDFPR’s examination checklist. The agency will submit a compliance report to IDoA twice a year.

According to the press release (also attached), warning signs that a senior may be a victim of financial exploitation include: sudden changes in bank accounts or banking practices; the inclusion of additional names on a senior’s bank signature card; the unauthorized withdrawal of the victim’s funds using the victim’s ATM or credit card; and abrupt changes in a will or other financial documents.

The new law became effective upon enactment, on July 17, 2010.
Let me know if you have any questions.  Thanks.


Ralph T. Wutscher

Kahrl Wutscher LLP

The Loop Center Building

105 W. Madison Street, Suite 2100
Chicago, Illinois  60602
Direct:  (312) 551-9320 

Fax:  (866) 581-9302
Mobile:  (312) 493-0874


NOTICE:  We do not send unsolicited emails.  If you received this email in error, or if you wish to be removed from our update distribution list, please simply reply to this email and state your intention.  Thank you.


Our updates are available on the internet, in searchable format, at: