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Bill > A2018
NJ A2018
NJ A2018Requires financial institutions to release records to adult protective services when suspecting fraud of vulnerable adult or senior customer; allows adult protective service to release same records to law enforcement agency if necessary.
summary
Introduced
01/11/2022
01/11/2022
In Committee
10/13/2022
10/13/2022
Crossed Over
Passed
Dead
01/08/2024
01/08/2024
Introduced Session
2022-2023 Regular Session
Bill Summary
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
This bill amends existing law 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. The existing law previously only authorized, but did not require, the financial institution to release such records to a law enforcement agency, a county adult protective services provider, or both. The bill defines "senior customer" as a person 60 years of age or older and "vulnerable customer" as a person 18 years of age or older with a physical or mental illness, disability, or lack of understanding to manage their savings or resources.
Committee Categories
Business and Industry, Health and Social Services
Sponsors (5)
Last Action
Reported and Referred to Assembly Aging and Senior Services Committee (on 10/13/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2022/A2018 |
| Analysis - Technical Review Of Prefiled Bill | https://pub.njleg.gov/Bills/2022/A2500/2018_T1.PDF |
| Analysis - Statement AFI 10/13/22 | https://pub.njleg.gov/Bills/2022/A2500/2018_S1.PDF |
| BillText | https://pub.njleg.gov/Bills/2022/A2500/2018_I1.HTM |
| Bill | https://pub.njleg.gov/Bills/2022/A2500/2018_I1.PDF |
| BillText | https://www.njleg.state.nj.us/Bills/2022/A2500/2018_I1.HTM |
| Bill | https://www.njleg.state.nj.us/Bills/2022/A2500/2018_I1.PDF |
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