Signed by Governor Pat Quinn

Vote Smart's Synopsis:

Vote to concur with House amendments and pass a bill that requires increased reporting of the financial exploitation of elders.

Highlights:

-Requires the Department to develop by joint rulemaking with the Department of Financial and Professional Regulation minimum training standards that shall be used by financial institutions for their current and new employees with direct customer contact (Sec. 3.5). -Requires the Department of Financial and Professional Regulation to provide bi-annual reports to the Department setting forth aggregate statistics on the training programs required (Sec. 3.5).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that establishes policies regarding the financial exploitation of elders.

Highlights:

-Requires the Department to provide financial institutions with training materials and information concerning financial exploitation of the elderly and related financial fraud or abuse materials to be used by a financial institution for its personnel who have direct customer contact with this information available to the general public (Sec. 3.5). -Requires the information to contain relevant toll-free telephone numbers for reporting fraud or abuse (Sec. 3.5). -Requires the Department to develop and make available an online training program for use by financial institution employees with direct customer contact (Sec. 3.5).

Full Bill Text