The proposed bill, if enacted, would amend current statutes to enhance protections for financially vulnerable adults against exploitation. It would expand the definition of individuals required to report suspected abuse, neglect, or exploitation to include banking or financial professionals, alongside existing roles such as attorneys and guardians. Additionally, the bill would allow financial institutions to offer financially vulnerable adults the option to designate a trusted contact, and it would permit these institutions to communicate with specified individuals if they suspect exploitation, while exempting such communications from customer consent requirements.

Furthermore, the bill mandates that financial institutions provide training to their employees on identifying and reporting financial exploitation, detailing the necessary components of this training. It also establishes that financial institutions are immune from civil or administrative liability for actions taken in good faith under this section, provided they have offered the required training. The bill clarifies definitions for terms such as "financial institution," "financially vulnerable adult," and "trusted contact," thereby creating a more structured framework for addressing financial exploitation of vulnerable individuals.

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