The proposed bill updates current statutes by introducing new provisions aimed at enhancing the protection of financially vulnerable adults from exploitation. It adds language that allows financial institutions to offer financially vulnerable adults the opportunity to designate a trusted contact, which can be updated as needed. Additionally, the bill stipulates that financial institutions may communicate with specified individuals if they have reasonable suspicion that a financially vulnerable adult is being exploited, while ensuring that individuals suspected of being perpetrators are excluded from such communications. Furthermore, the bill exempts shared information from customer consent or notice requirements, thereby facilitating timely intervention.

Moreover, the bill mandates that financial institutions provide training to their employees on identifying and reporting suspected financial exploitation, detailing the necessary components of such training. It also establishes that financial institutions are immune from civil or administrative liability for actions taken in good faith under these provisions, provided they have offered the required training. The definitions of "financial institution," "financially vulnerable adult," and "trusted contact" are also clarified to ensure a comprehensive understanding of the terms as they relate to the new protections being implemented.

Statutes affected:
Introduced Version: 46-456.01
House Engrossed Version: 46-454, 46-456.01, 36-401