Bill > A5468

Introduced Session

This bill amends section 3 of P.L.1998, c.121 to require financial institutions to release financial records regarding a customer's account to a county adult protective services provider when suspecting fraud of a vulnerable adult or senior customer. Under the bill, the adult protective services provider is then authorized to release the same records to a law enforcement agency, if deemed necessary. Under the existing law, a financial institution is authorized, but not required, to release financial records regarding a customer's account to a law enforcement agency, a county adult protective services provider, or both under the same circumstances. As such, this bill mandates financial institutions to release such records and provides that adult protective services is the first point of contact. As defined under the existing law, a "senior customer" means a natural person, who, to the financial institution acting in good faith, appears to be at least 60 years of age, who utilized or is utilizing any service of a financial institution, or for whom a financial institution is acting or has acted as a fiduciary, in relation to an account maintained in the person's name. A "vulnerable customer" means a natural person, who is at least 18 years of age, resides in a community setting, and, to a financial institution acting in good faith, appears to have a physical or mental illness, disability or deficiency, or lacks a sufficient understanding of, and the capacity to make, communicate or carry out decisions concerning, the management of the customer's savings or resources, who utilized or is utilizing any service of a financial institution, or for whom a financial institution is acting or has acted as a fiduciary, in relation to an account maintained in the person's name.

AI Summary

Committee Categories

Daniel Benson (D)*,  Herbert Conaway (D)*,  Valerie Vainieri Huttle (D)*,  John Armato (D),  Aura Dunn (R),  Angela Mcknight (D), 

Introduced, Referred to Assembly Financial Institutions and Insurance Committee (on 03/15/2021)