Illinois Governor Signs Bill to Protect against Financial Elder Abuse

Chicago, ILIllinois Governor Pat Quinn recently signed a bill into law to protect senior citizens from financial elder abuse.

The new law will require financial institutions across the state to be more vigilant and proactive when it comes to identifying and reporting those who take advantage of senior citizens.

Senate Bill 3267 will require that the Illinois Department of Aging and the Illinois Department of Financial and Professional Regulation determine standards for the training of employees at financial institutions to help them identify exploitation of the elderly.

"It is important to have measures in place to better recognize when someone is taking unfair advantage of a senior for their own personal gain," said Quinn. "This new law provides an extra safety net to help prevent this type of elder abuse."

Warning signs of financial elder abuse may include sudden and drastic changes in bank accounts, unauthorized use of credit or ATM cards and unexpected amendments to wills and other end-of-life documents.

In the fiscal year 2009, Illinois received about 6,200 reports of financial elder abuse.