This bill establishes the offense of financial exploitation of the elderly in New Jersey. It defines "elderly" as individuals aged 60 or older who suffer from age-related diseases or mental conditions that impair their ability to manage their property. The bill specifies that a person commits financial exploitation when they, as a "person in a position of trust"—which includes relatives, fiduciaries, or caregivers—compel or induce an elderly person to transfer property through fraud, false promises, extortion, or intimidation. The bill also includes provisions that protect individuals who attempt to assist elderly persons in managing their property in good faith.

Additionally, the bill amends existing theft laws to classify theft involving 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, when the amount involved is between $200 and $500. It also upgrades thefts involving amounts less than $200 related to elderly exploitation from a disorderly persons offense to a crime of the third degree. The legislation aims to enhance protections for vulnerable elderly individuals against financial abuse.