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 diseases or 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 obligation—and they induce or compel an elderly person to transfer property through fraud, false promises, extortion, or intimidation. The bill also outlines that individuals acting in good faith to assist an elderly person in managing their property are not subject to criminal liability if they inadvertently fail to assist.

The bill further stipulates that theft involving financial exploitation of the elderly is graded as a third-degree crime if the amount involved is at least $200 but does not exceed $500, which is an upgrade from the typical fourth-degree classification for theft of that amount. Additionally, it provides an affirmative defense for defendants who were unaware of the elderly status of the victim. Overall, the legislation aims to enhance protections for vulnerable elderly individuals against financial exploitation by those they trust.