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," use fraud, false promises, extortion, or intimidation to induce an elderly person to transfer property to themselves or a third party. 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 also outlines the grading of theft offenses related to financial exploitation. Specifically, theft from an elderly person involving amounts between $200 and $500 is classified as a third-degree crime, whereas thefts of less than $200 are upgraded from a disorderly persons offense to a fourth-degree crime. This change aims to provide stronger legal protections for elderly individuals against financial exploitation. The bill includes provisions for affirmative defenses, ensuring that individuals who genuinely assist the elderly in managing their property are not criminally liable if they inadvertently fail to do so.