IL SB1551

Expands the definition of "financial exploitation" under the Adult Protective Services Act to explicitly include wrongful taking of money/assets and obtaining control through deception, intimidation, or undue influence, including via power of attorney, guardianship, or conservatorship

Adds broker-dealers, investment advisors, and "qualified individuals" (those in supervisory, compliance, or legal roles at these firms) as mandated reporters who must promptly notify the Department on Aging and Illinois Securities Department when they reasonably believe financial exploitation of an eligible adult has occurred or been attempted

Authorizes broker-dealers and investment advisors to delay disbursements or transactions from an eligible adult's account for up to 15 business days (extendable to 25 days, then up to 55 days total) if they reasonably believe the transaction may result in financial exploitation, with required notifications to account parties and regulators

Provides immunity from administrative, civil, and criminal liability for broker-dealers, investment advisors, and qualified individuals who in good faith report suspected financial exploitation or delay transactions under the new provisions

Requires broker-dealers, investment advisors, and qualified individuals to provide relevant financial records to the Department on Aging or designated provider agencies during investigations, while maintaining confidentiality protections