SB3439 Summary

• Establishes protections against financial exploitation of persons 60 years of age or older and persons subject to the Illinois Adult Protective Services Act, requiring certain licensees to report incidents of potential exploitation to governmental agencies and the Illinois Securities Department.

• Allows broker-dealers and investment advisers to delay transactions or disbursements from eligible adult accounts if they reasonably believe financial exploitation may occur, with notification requirements and a maximum 25-day delay period unless extended by agencies.

• Modifies administrative action time limits under the Illinois Securities Law, allowing the Secretary of State to bring enforcement actions within 3 years from when notice of violation occurred (removing the previous 5-year absolute deadline).

• Adds authority for the Secretary of State to limit or condition registrations of dealers and advisers for failure to comply with statutory requirements, in addition to existing disciplinary penalties.

• Eliminates references to face amount certificate contracts and requires qualified individuals at broker-dealers and investment advisers to report suspected financial exploitation of vulnerable adults.