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 crime of the third degree, 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 elderly victims from a disorderly persons offense to a crime of the third degree if the amount involved is less than $200. The legislation aims to enhance protections for vulnerable elderly individuals against financial abuse while providing clear definitions and legal consequences for offenders.