Stuart Bill Preventing Senior Financial Fraud Awaits Governor Approval

SPRINGFIELD, Ill.— State Rep. Katie Stuart, D-Edwardsville, is sending legislation to the governor’s desk creating new guardrails against financial fraud and physical abuse, commonly experienced in tandem by seniors.

“Essentially what we’re doing here is establishing two steps to report potential fraud and abuse for financial employees: one route for them to protect financial assets and another to confirm the wellbeing of their client,” said Stuart. “Allowing a more comprehensive investigation of potential fraud and physical abuse will make sure accounts are protected, and more importantly that clients are safe.”

House Bill 4911 creates a handful of new safety nets against financial fraud and physical abuse, which are often paired when targeting seniors, allowing financial employees to step in when they notice suspicious and potentially fraudulent behavior.

This legislation was developed with the Illinois Department on Aging, who will develop a new web portal to report suspected financial abuse as part of this measure. While this legislation was designed with seniors in mind, these extra precautions will apply to all suspicious and potentially fraudulent transactions.

“I’m grateful to the Department on Aging and other advocates for their collaboration and support on this really impactful bill, saving seniors money and potentially their lives,” said Stuart. “This is a no nonsense bill crafted to prevent or stop senior financial fraud and abuse. I look forward to the support this bill will bring when signed into law.”

House Bill 4911 passed unanimously in the Senate and with partisan support in the House. Now, the measure is headed to Governor Pritzker’s desk for consideration and to be signed into law.