The proposed bill, titled the Protection of Vulnerable Adults from Financial Exploitation Act, aims to enhance the protection of vulnerable adults from financial exploitation by establishing specific reporting requirements for financial institutions. It mandates that employees of these institutions report any suspected financial exploitation of vulnerable adult account holders to their institution, which must then assess the situation and report to the Department of Human Services within a specified timeframe. The bill also requires financial institutions to adopt internal policies for reporting and assessing suspected exploitation and allows them to place holds on transactions involving vulnerable adults if exploitation is suspected.

Additionally, the bill provides civil and criminal immunity for employees and financial institutions that act in good faith when reporting or participating in investigations related to suspected financial exploitation. It allows for the sharing of relevant records with the Department of Human Services and law enforcement without the need for a subpoena or court order, while limiting disclosures to necessary information. The act is set to take effect on November 1, 2026.