SPRINGFIELD, Ill. (WREX) — A bill to expand and strengthen protections for seniors faced with fraud is going through the Illinois General Assembly in Springfield.

Senate Bill 1551, which would allow financial advisors and other qualified individuals to delay transactions and disbursements if they suspect financial exploitation, passed the Illinois Senate last week.

The bill, which was co-sponsored by Sen. Steve Stadelman (D-Rockford), passed on a 38-17 margin.

"This bill gives trusted professionals the tools and responsibility to speak up when something seems off," Stadelman says. "We need to protect our most at-risk residents from bad actors, especially when it comes to their financial situation."

The legislation also requires those advisors and other individuals with reporting the elder financial abuse to the Illinois Department on Aging and the Secretary of State’s securities department.

If passed into law, the bill would give broker-dealers, investment advisors, and other qualified individuals immunity from any liability as long as they exercise good faith and reasonable care when making a report or delaying any transaction.

"Fewer than 5% of elder financial abuse victims recover their lost savings," Stadelman says. "Allowing financial professionals the ability to pause suspicious transactions can be a big safeguard, protecting seniors and their life savings while concerns are being looked into."

According to the FBI’s 2023 Elder Fraud Report, instances of elder fraud cost victims more than $3.4 billion that year alone.

The bill now heads to the Illinois House.