Gong-Gershowitz Measure to Protect Seniors from Financial Exploitation Signed into Law

CHICAGO —  Seniors will be better protected from potential financial exploitation under a new bipartisan measure led by state Rep. Jennifer Gong-Gershowitz, D-Glenview.

“Financial scammers can quickly wipe out the savings that Illinois residents have worked their entire lives to build up,” Gong-Gershowitz said. “This legislation empowers law enforcement and the judiciary to quickly intervene in potential cases of financial exploitation, protecting seniors and their assets from bad actors looking to take advantage of them.”

House Bill 4649 allows courts to issue temporary restraining orders against the potential scammers, restrict contact between the scammer and the victim, and freeze financial assets or lines of credit. Necessary living expenses would remain available even with a freeze in place.

The legislation expands upon current provisions that allow for the Attorney General, Department of Aging or provider agencies to petition courts to freeze financial assets in suspected cases of exploitation.

“In cases of potential financial exploitation, speed is pivotal in limiting potential damages, Gong-Gershowitz said. “By empowering good faith actors to protect friends, family and loved ones who they believe may be victims of exploitation, we’re able to better protect people’s financial assets and ensure they have the means to support themselves long after they retire.”

The measure passed both chambers of the General Assembly unanimously, and was signed into law earlier today.