This bill amends existing law to require financial institutions to release financial records related to a customer's account to a county adult protective services provider when there is suspicion of fraud involving a vulnerable or senior customer. Previously, financial institutions were only authorized, but not mandated, to release such records to law enforcement agencies or adult protective services. The bill establishes that adult protective services will be the first point of contact for these records, thereby streamlining the process for addressing potential financial exploitation.

Additionally, the bill allows financial institutions to delay transactions or disbursements from accounts of vulnerable or senior customers if there is reasonable suspicion of financial exploitation. It provides immunity to financial institutions acting in good faith under these circumstances. Furthermore, the bill mandates training for employees of financial institutions to recognize indicators of financial exploitation and outlines the necessary steps for reporting and preventing such exploitation. This training must be provided to new employees within the first three months of employment, ensuring that staff are equipped to protect vulnerable and senior customers effectively.

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