This bill amends existing law to require financial institutions to take specific actions when they suspect financial exploitation of senior or vulnerable customers. It mandates that these institutions release financial records related to a customer's account to a county adult protective services provider when there is suspicion of fraud. The adult protective services provider is then authorized to share these records with law enforcement if necessary. This change shifts the current law from allowing financial institutions to release records at their discretion to requiring them to do so under specified circumstances, thereby enhancing protections for vulnerable populations.

Additionally, the bill allows financial institutions to delay transactions involving senior or vulnerable customers if there is a reasonable belief that such transactions may lead to financial exploitation. It provides immunity to financial institutions for actions taken in good faith under this provision. Furthermore, the bill mandates training for employees of financial institutions to recognize signs of financial exploitation and to understand the reporting process for suspected cases. This training must be provided to new employees within their first three months of employment, ensuring that staff are equipped to protect vulnerable customers effectively.

Statutes affected:
Introduced: 17:16T-2, 17:16T-3