Senate Bill 970 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 expands the definition of "financial institution" to include various types of financial service providers. It also establishes that financial service providers can act on information received from elder-adult-at-risk agencies or law enforcement regarding potential exploitation. Additionally, the bill mandates that if a transaction is refused or delayed, the provider must notify authorized parties and report the incident to the appropriate agency, while also outlining specific time limits for these actions.

Furthermore, the bill grants financial service providers immunity from liability for actions taken in good faith regarding the refusal or delay of transactions and the acceptance of powers of attorney when there is suspicion of financial exploitation. It specifies that a financial service provider may refuse to accept a power of attorney if they suspect the principal is a victim of exploitation. The legislation aims to empower financial institutions to play a proactive role 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