Sen Plummer warns financial reporting bill could hurt seniors’ investments

Legislation to address investment scams against seniors may be considered in the Illinois House after receiving heavy criticism in the state Senate.

Senate Bill 1551 would allow financial advisors to delay investments if there is suspicion of financial exploitation. It would also expand mandated reporting requirements to state agencies.

The bill sponsor is state Senator Steve Stadelman.

State Senator Jason Plummer said no other states have this legislation and it would not protect seniors from exploitation.

Senators approved the measure in spite of Plummer’s argument. It now sits in the House Judiciary Civil Committee.

Story from Illinois Radio Network