New law makes banks, others mandated reporters of suspected elder financial abuse

August 30, 2010

In fiscal 2009, the state received more than 6,200 reports of suspected elder financial abuse and exploitation, according to Gov. Pat Quinn's office. Out of those cases, only 3 percent were reported by banks and other financial institutions.

A bill signed into law last month aims to change that trend. Senate Bill 3267, signed into law on July 17 by Gov. Quinn, amends the Elder Abuse and Neglect Act. It requires the Illinois Department on Aging and Illinois Department of Financial and Professional Regulation to develop training standards to be used by banks and other financial institutions who have direct contact with customers.

The change, in part, makes "any bank, savings and loan, or credit union officer, trustee, or employee and any ambulatory currency exchange or community currency exchange" a mandated reporter.

This means, for example, bank tellers or currency exchange employees who suspect an elderly customer is being cheated or exploited must report the suspicion to police or other authorities.

The new law took effect July 19.