BILL NUMBER: S6150
SPONSOR: PARKER
 
TITLE OF BILL:
An act to amend the banking law, in relation to reporting of suspected
financial exploitation
 
PURPOSE OR GENERAL IDEA OF BILL:
To encourage voluntary reporting of suspected financial exploitation.
 
SUMMARY OF SPECIFIC PROVISIONS:
Creates a new section 9-aa of the banking law as follows: The Super-
intendent of the Department of Financial Services would develop guide-
lines for reporting suspected financial exploitation in consultation
with the State Office for the Aging, NYS Attorney General, represen-
tatives of the financial services industry, law enforcement:, senior
groups, and district attorneys; and * If a report of suspected financial
exploitation were to be made in accordance with those guidelines, the
individual making the report would be protected from liability-resulting
from that report.
 
JUSTIFICATION:
Financial exploitation is a large and quickly growing segment of elder
abuse. Seniors are not always very savvy with money, and, as their
faculties fade, they sometimes become targets for scam artists and undue
influence. Financial institutions are often in a prime position to
notice changes in behavior or suspicious patterns of withdrawals and
investments. Fear of being sued, especially if the abuser is a family
member, has been raised as a barrier to voluntary reporting by employees
of financial institutions. This bill would protect those who report
suspected financial exploitation, but only if the report is made by
following guidelines set by the Department of Financial Services.
 
PRIOR LEGISLATIVE HISTORY:
2023-24: S7339- Referred to Banks
2021-22: S5658 - Referred to Banks
2019-20: S5037- Referred to Banks
2017-18: S2804 - Referred to Banks
2015-16: S.2564A - Amend and Recommit to Banks
2013-14: S.5478 - Referred to Banks
 
FISCAL IMPLICATIONS:
To be determined.
 
EFFECTIVE DATE:
This act shall take effect on the ninetieth day after it shall have
become a law.