The bill amends the Financial Exploitation Prevention Act by updating definitions and clarifying terms related to the protection of vulnerable individuals from financial exploitation. Key insertions include a more detailed definition of "financial institution," specifying it as a state or nationally chartered bank or savings association whose deposits are insured by a U.S. government agency. Additionally, the term "examination and enforcement authority" is refined to include specific authorities under various financial regulations, while the definition of "financial exploitation" is expanded to encompass acts that deprive individuals of access to their resources.

Several deletions streamline the language of the act, removing redundant phrases and clarifying the roles of different regulatory bodies. The bill also emphasizes the importance of adult protective services in investigating cases of abuse, neglect, or exploitation. The enactment of this bill is contingent upon the passage of Senate Bill No. 631, ensuring that the amendments take effect only if that legislation is also enacted.

Statutes affected:
Senate Introduced Bill: 487.2083