This bill amends and reenacts certain provisions of Louisiana law to enhance the protection of eligible adults from financial exploitation. It introduces new definitions related to financial exploitation, including specific actions such as using scams, deception, or impersonation to manipulate eligible adults into conducting financial transactions or transferring money. Additionally, the bill establishes the concept of a "trusted contact," which allows eligible adults to designate a person whom financial institutions can contact if they suspect exploitation is occurring.

The legislation also mandates that covered financial institutions provide training to employees who interact with eligible adults, focusing on recognizing and responding to signs of financial exploitation. It modifies the duration of delays for financial transactions, extending the initial delay from fifteen to forty-five business days and allowing for an extension of up to sixty business days upon request from a covered agency. Furthermore, the bill clarifies that the rights of financial institutions to delay transactions are not limited by this section.

Statutes affected:
HB555 Original: 6:1374(E)(2)
HB555 Engrossed: 6:1373(B)(2), 6:1374(E)(2)
HB555 Enrolled: 6:1373(B)(2), 6:1374(E)(2)
HB555 Act 654: 6:1373(B)(2), 6:1374(E)(2)