This bill allows senior citizens, defined as residents aged 65 and older, to designate a third party to receive notifications regarding delinquencies in their mortgage or property tax payments. For mortgages, financial institutions must provide written notice to the designated third party if a payment is late, with a second notice issued after the grace period. The designation must be made in writing in the presence of a notary, and the third party will not have any authority over the senior citizen's financial accounts. Similarly, property tax collectors are required to notify the designated third party if a property tax payment is not received by the due date, with a second notice sent if the payment remains delinquent after 10 days. Municipalities may charge a one-time fee of up to $10 for these notifications.

The intent of the bill is to assist senior citizens in avoiding potential mortgage foreclosures or tax lien sales by ensuring that a trusted individual is informed of any payment issues. This proactive measure aims to facilitate communication and support for seniors who may need assistance in managing their financial obligations. The bill emphasizes the importance of privacy, stating that communications between financial institutions or tax collectors and the designated third party will not breach the senior citizen's privacy rights.