The proposed bill, if enacted, would amend existing statutes to enhance protections for financially vulnerable adults against exploitation. It introduces new provisions that allow financial institutions to communicate with trusted contacts of these individuals when there is reasonable suspicion of exploitation. Specifically, it requires financial institutions to offer financially vulnerable adults the opportunity to designate a trusted contact and allows them to report suspected exploitation to law enforcement or adult protective services. Additionally, the bill exempts shared information from customer consent requirements and mandates that financial institutions provide training to employees on identifying and reporting exploitation.

Furthermore, the bill establishes immunity for financial institutions from civil or administrative liability when they act in good faith and with reasonable care in reporting suspected exploitation, provided they have trained their employees accordingly. It also clarifies definitions related to financial institutions, financially vulnerable adults, and trusted contacts, ensuring that the provisions do not create a cause of action against financial institutions. Overall, these updates aim to strengthen the framework for protecting vulnerable adults from financial exploitation while facilitating better communication and reporting mechanisms within financial institutions.

Statutes affected:
Introduced Version: 46-456.01
House Engrossed Version: 46-454, 46-456.01, 36-401