This bill establishes the offense of financial exploitation of the elderly in New Jersey, defining it as the act of obtaining property from an elderly person through fraud, false promises, extortion, or intimidation by someone in a position of trust. The bill specifies that an "elderly person" is defined as anyone aged 60 or older who suffers from a disease or infirmity related to advanced age or a mental condition that impairs their ability to consent regarding their property. Additionally, it outlines who qualifies as a "person in a position of trust," including relatives, joint tenants, fiduciaries, caregivers, and others who have access to the elderly individual.

The bill amends existing theft laws to classify theft from an elderly person as a crime of the third degree if the amount involved is between $200.00 and $500.00, which is typically considered a fourth-degree crime. It also upgrades thefts involving amounts less than $200.00 to a third-degree crime if they involve financial exploitation of the elderly. The legislation aims to enhance protections for vulnerable elderly individuals and impose stricter penalties on those who exploit them financially.