This bill proposes to amend the Arizona Revised Statutes by adding a new section that establishes protocols for financial institutions regarding financially vulnerable adults. Under the new provisions, financial institutions would be required to offer these adults the option to create and maintain a trusted contact list, conduct due diligence on these contacts, and communicate with them if there is reasonable suspicion of exploitation. Additionally, the bill mandates that financial institutions provide training to their employees on identifying and reporting suspected exploitation, as well as maintaining records of this training.

Furthermore, the bill introduces protections for financial institutions by granting them immunity from civil or administrative liability when acting in good faith under these new guidelines, provided they have trained their employees. It also clarifies definitions related to financial institutions and financially vulnerable adults, ensuring that the new regulations are clearly understood and implemented. Overall, the bill aims to enhance the protection of vulnerable adults from financial exploitation while providing a structured response framework for financial institutions.

Statutes affected:
Introduced Version: 46-456.01