This bill mandates that depository institutions, including state banks, savings banks, savings and loan associations, and credit unions, provide paper account statements to elder adults, defined as individuals aged 65 and older. The institutions are required to mail these periodic account statements without charge unless the elder adult opts out of receiving them in paper form. The bill specifies that a "periodic account statement" reflects all debits and credits to an account during a defined "periodic cycle," which is equal to or shorter than a calendar quarter.

Additionally, the bill empowers the Commissioner of Banking and Insurance to enforce compliance by ordering institutions to cease violations and imposing fines of up to $500 for each infraction. The commissioner is also authorized to create regulations necessary to implement the bill's provisions. The act is set to take effect 90 days after its enactment.