This bill establishes new provisions to protect adults from financial exploitation by allowing financial institutions to report suspected cases to designated agencies, such as law enforcement or the Kansas Department for Children and Families. It defines key terms, including "financial exploitation," which encompasses various forms of misuse of an adult's property or resources. Financial institutions are granted the authority to notify a trusted contact of an adult account holder if they suspect exploitation, provided that the trusted contact is not implicated in the exploitation. Additionally, the bill allows financial institutions to place temporary holds on transactions if they believe such actions may prevent further exploitation.

Furthermore, the bill provides legal immunity to financial institutions and their employees for actions taken in good faith regarding the reporting of suspected exploitation, notifying trusted contacts, or placing holds on transactions. This immunity extends to civil or criminal actions, including claims of negligence or breach of fiduciary duty. The provisions aim to encourage financial institutions to act proactively in safeguarding vulnerable adults without the fear of legal repercussions. The act will take effect upon its publication in the statute book.