Bill
Bill > HB940
MS HB940
MS HB940Financial institutions; authorize to delay a transaction upon good-faith belief that eligible person will be exploited.
summary
Introduced
02/14/2020
02/14/2020
In Committee
05/12/2020
05/12/2020
Crossed Over
03/04/2020
03/04/2020
Passed
06/22/2020
06/22/2020
Dead
Signed/Enacted/Adopted
06/29/2020
06/29/2020
Introduced Session
2020 Regular Session
Bill Summary
An Act To Authorize A Financial Institution To Delay The Completion Of A Financial Transaction, If Certain Employees Of The Financial Institution Believe In Good Faith That A Requested Transaction May Result In, Or Be The Result Of, Exploitation Of An Eligible Person; To Provide That A Transaction Delay Will Expire Upon Either A Good-faith Determination By The Financial Institution That The Transaction Will Not Result In Exploitation, Or 10 Calendar Days, Unless The Department Of Human Services Or A Law Enforcement Authority Requests That The Financial Institution Extend The Delay; To Require The Financial Institution To Notify The Department Of Human Services And Authorize The Financial Institution To Notify Other Certain Individuals If A Transaction Is Delayed; To Limit The Liability Of A Financial Institution That Either Delays A Transaction Or Does Not Delay A Transaction; And For Related Purposes.
AI Summary
This bill authorizes financial institutions in Mississippi to delay the completion of a financial transaction for up to 10 calendar days (with a possible extension) if certain employees believe in good faith that the transaction may result in the exploitation of an "eligible person," which includes vulnerable individuals and those aged 65 or older. The bill provides immunity from liability for financial institutions that delay or do not delay a transaction based on this belief. It also requires the financial institution to notify the Department of Human Services and allows it to notify other relevant parties if a transaction is delayed. The bill aims to protect vulnerable individuals from potential financial exploitation.
Committee Categories
Business and Industry
Sponsors (4)
Last Action
Approved by Governor (on 06/29/2020)
Official Document
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