Substitute Senate Bill No. 1088, Public Act No. 23-161, is a legislative measure aimed at combating the financial exploitation of senior citizens. The bill introduces new definitions to Section 36b-14 of the general statutes, including "eligible adult," "financial exploitation," "qualified person," and "trusted contact person." It allows qualified persons, such as broker-dealers and investment advisers, to disclose suspicions of financial exploitation to the Commissioner of Social Services and the Banking Commissioner without fear of liability, provided they act in good faith. The bill also permits the temporary hold on disbursements or transactions if financial exploitation is suspected, with provisions for extending the hold and immunity for those who disclose information to a trusted contact person. Additionally, the bill mandates record-keeping and training policies to prevent financial exploitation.

The bill further outlines procedures for financial institutions when dealing with accounts of eligible adults. It allows for the suspension of transactions or disbursements for up to fifty calendar days if financial exploitation is suspected. Financial institutions are granted immunity from state administrative or civil liability for actions taken in accordance with the bill, provided they act in good faith, which includes mandatory training and reporting of suspected exploitation. The bill also allows eligible adults or their legal representatives to petition the Probate Court to remove a financial hold. Amendments to existing statutes include changes to the evidence standard for joint account ownership and requirements for financial institutions when opening new accounts. The bill also addresses the renewal of time accounts, imposition of dormancy fees, and closing of deposit accounts, ensuring compliance with electronic transaction laws and providing consumer protections. The bill was approved on June 27, 2023, and takes effect on July 1, 2024.

Statutes affected:
Raised Bill:
BA Joint Favorable:
File No. 205:
JUD Joint Favorable:
Public Act No. 23-161: