House Bill No. 555 aims to enhance the protection of eligible adults from financial exploitation by amending existing laws and introducing new provisions. The bill expands the definition of "financial exploitation" to include tactics such as scams, deceptive schemes, extortion, and impersonation of government officials that lead eligible adults to conduct financial transactions or transfer money under false pretenses. Additionally, it introduces the term "trusted contact," which refers to a person authorized by the eligible adult for financial institutions to reach out to if exploitation is suspected.

The bill also mandates that covered financial institutions provide training to employees who interact with eligible adults, focusing on recognizing and responding to signs of exploitation. Furthermore, it modifies the duration for which financial transactions can be delayed due to suspected exploitation, extending the initial delay from 15 to 30 business days and allowing for an extension from 25 to 45 business days upon request from a covered agency. These changes aim to strengthen safeguards against financial exploitation of vulnerable adults while ensuring that financial institutions are better equipped to handle such situations.

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