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 are in a position of trust—such as a family member, caregiver, or someone with a fiduciary duty—and they induce or compel an elderly person to transfer property through means of fraud, false promises, extortion, or intimidation.

The bill also outlines the grading of theft offenses related to financial exploitation. Specifically, theft involving financial exploitation of the elderly is classified as a crime of the third degree if the amount involved is at least $200 but does not exceed $500, which is an upgrade from the typical classification of such theft as a crime of the fourth degree. Additionally, thefts involving amounts less than $200 are also elevated to a crime of the third degree if they involve financial exploitation of the elderly. The bill includes provisions for affirmative defenses for individuals who may not have known the victim's elderly status and ensures that good faith assistance to the elderly is not criminalized.