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, fiduciaries, caregivers, or anyone who has a close relationship with the elderly individual, thereby emphasizing the vulnerability of this demographic.

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 of up to $15,000. It also modifies the grading of theft offenses, elevating thefts involving elderly victims to a third-degree crime even if the amount involved is less than $200. This legislative change aims to provide stronger protections for elderly individuals against financial abuse and exploitation, reflecting a commitment to safeguarding their rights and well-being.