This bill amends existing law to require financial institutions to take specific actions when dealing with financial transactions involving senior or vulnerable customers. It mandates that these institutions release financial records to county adult protective services providers when there is suspicion of fraud involving these customers. Previously, financial institutions were only authorized, but not required, to release such records to law enforcement or protective services. The bill also establishes that adult protective services will be the first point of contact for these cases, streamlining the process for addressing potential financial exploitation.

Additionally, the bill allows financial institutions to delay transactions if a qualified individual suspects that the transaction may result in financial exploitation of a vulnerable or senior customer. It provides immunity to financial institutions for actions taken in good faith under this provision. Furthermore, the bill requires financial institutions to train their employees to recognize signs of financial exploitation and to report any suspicions appropriately. This training must be provided to new employees within the first three months of employment, ensuring that staff are equipped to protect vulnerable customers effectively.

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