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 term "elderly" is specifically defined as individuals aged 60 or older who are suffering from age-related diseases or mental conditions that impair their ability to consent regarding their property. A "person in a position of trust" includes relatives, joint tenants, fiduciaries, caregivers, or anyone who provides home care services to the elderly individual.

The bill amends existing theft laws to classify financial exploitation of the elderly as a third-degree crime, which carries penalties of up to five years in prison and fines up to $15,000. Additionally, it modifies the grading of theft offenses, raising the classification of theft involving amounts less than $200 when it pertains to financial exploitation of the elderly to a third-degree crime, while theft amounts between $200 and $500 are also elevated to a third-degree crime under similar circumstances. This legislation aims to enhance protections for vulnerable elderly individuals against financial abuse.