AARP Urges Governor to Enact Consumer Protection Measure

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Apr 30, 2010, 11:55 ET

HB 6477 Would Shield Consumers against Power of Attorney Abuses

SPRINGFIELD, Ill., April 30 /PRNewswire-USNewswire/ -- Legislation passed by both houses of the Illinois General Assembly will create urgently needed protections for thousands of individuals, particularly older adults, who fall victim each year to financial abuse or exploitation at the hands of individuals entrusted with making financial decisions as powers of attorney. The measure is now awaiting the Governor's signature to become law.

House Bill 6477 was sponsored by State Representative Emily McAsey (D-Crest Hill). The bill garnered strong bipartisan support before passing the House unanimously on March 25, and passing the Senate unanimously on April 29th. AARP, on behalf of its 1.7 million Illinois members, is urging the Governor to enact this critical consumer protection measure.

"Power of attorney gives older Americans the ability to choose a trusted person to act on their behalf. But in the wrong hands, they become a license to steal," said AARP Illinois Senior Manager for Advocacy and Outreach, Nancy Nelson. "We commend Rep. McAsey for her leadership on this matter, and the General Assembly for their action, and we urge Governor Quinn to take the next step and make this bill the law of the land."

Power of attorney abuse is one of the most underreported types of financial abuse perpetrated against older individuals. Estimates from 2000 indicate that at least 5 million older Americans are victims of some sort of financial exploitation and abuse every year, including power of attorney abuse. Authorities estimate that, for every case of elder abuse, neglect, exploitation or fraud that is reported to the police, about five more cases go unreported.

Among other elements, HB 6477 will strengthen current law in Illinois by providing measures to protect the senior granting the power of attorney, the agent receiving it, and the persons who are asked to rely on the agent's authority; clarifies to the consumer the guidelines, duties and allowances of the power of attorney; creates liability for the agent in cases of abuse; and provides clearer guidelines for the agent to act in good faith and the best interests of the principal.

SOURCE AARP Illinois