815 ILCS 5/18.5: Transactional holds for eligible adults.

(This Section may contain text from a Public Act with a delayed effective date)

(a) Dealers, salespersons, investment advisers, and investment adviser representatives may contact an eligible adult's trusted contact person or any person known to be a family member, including a parent, spouse, adult child, or sibling, when they have a reasonable suspicion that a transaction or disbursement from an account of an eligible adult may involve, facilitate, result in, or contribute to financial exploitation of that eligible adult.

(b) Dealers, salespersons, investment advisers, and investment adviser representatives may issue an initial transactional hold when they have a reasonable suspicion that a transaction or disbursement from an account of an eligible adult may involve, facilitate, result in, or contribute to financial exploitation of that eligible adult. Any initial transactional hold must be followed by an internal review that satisfies the internal policies of the financial firms that issued the hold. For the purposes of this Section, "eligible adult" has the meaning ascribed to that term in the Adult Protective Services Act and "financial exploitation" has the meaning described in subsection (a) of Section 17-56 of the Criminal Code of 2012.

(c) Dealers, salespersons, investment advisers, and investment adviser representatives acting in good faith are immune from all criminal, civil, and administrative liability for holding a transaction, contacting a person, or electing not to contact a person and for actions taken in furtherance of that determination, if the determination was made based on a reasonable suspicion.

(d) The duration of an initial transactional hold is limited to no longer than 15 business days or sooner if the dealer, salesperson, investment adviser, or investment adviser representative has satisfied its own internal policies by conducting a review of the facts and circumstances surrounding the reasonable suspicion and has made a determination that no financial exploitation of the eligible adult is taking place. The dealer, salesperson, investment adviser, or investment adviser representative may issue an extended transactional hold for an additional 45 business days following the initial hold if the internal review of the available facts and circumstances continues to support the reasonable suspicion that financial exploitation of the specified adult has occurred, is occurring, has been attempted, or will be attempted. The length of the extended transactional hold may be shortened or extended at any time by a court of competent jurisdiction.

(e) If any dealer, salesperson, investment adviser, or investment adviser representative issues any transactional hold in accordance with this Section, the dealer or investment adviser must provide notice orally or in writing of the transactional hold to all parties authorized to transact business on the account within 2 business days of the hold being issued, unless the dealer, salesperson, investment adviser, or investment adviser representative reasonably believes that the party has engaged, is engaged, or will engage in the financial exploitation of the eligible adult. This notice must reference the requirements and time frames detailed in this Section and the reason for the hold. The dealer or investment adviser may provide notice of the transactional hold to the eligible adult's trusted contact person or persons.

(f) Any dealer or investment adviser that employs salespersons and investment advisers conducting an internal review in accordance with this Section that results in a reasonable suspicion that a transaction or disbursement may involve, facilitate, result in, or contribute to financial exploitation of an eligible adult must notify Adult Protective Services of its findings within 24 hours and share any related documentation. All information shared shall be maintained for the confidential use of law enforcement, the Securities Department of the Office of the Secretary of State, and the Department on Aging and are exempt from disclosure under the Freedom of Information Act. This information access does not entitle any entity to Adult Protective Services records.