Assembly Bill 972 aims to enhance protections against financial exploitation of vulnerable adults by allowing financial service providers to refuse or delay transactions when there is reasonable suspicion of such exploitation. The bill defines "financial transaction" and outlines the circumstances under which a financial service provider may act, including when they receive information from elder-adult-at-risk agencies or law enforcement. It also establishes a process for notifying authorized parties when a transaction is delayed or refused and sets time limits for these actions. Additionally, the bill provides immunity from liability for financial service providers acting in good faith when refusing or delaying transactions or accepting powers of attorney.

The bill modifies the definition of "financial institution" to align with existing statutes and creates new definitions for "adult-at-risk agency" and "elder-adult-at-risk agency." It also allows financial service providers to refuse to accept a power of attorney if they suspect that the vulnerable adult may be a victim of financial exploitation. Overall, the legislation seeks to empower financial institutions to take proactive measures in safeguarding vulnerable adults from financial abuse while providing them legal protections for their actions.

Statutes affected:
Bill Text: 224.45(1)(c), 224.45