Bill > S391

Introduced Session

This bill revises the authorization for financial institutions to release financial records regarding a customer's account in cases where the financial institution suspects fraud of a vulnerable adult or senior customer. Under current 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, in cases of suspected fraud. This bill revises these requirements to provide that a financial institution is required to release financial records to an adult protective services provider when the financial institution reasonably suspects fraud of a vulnerable adult or senior customer, and is authorized to release the same records to a law enforcement agency, if the financial institution deems the release to be necessary. 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.

Committee Categories

Fred Madden (D)*,  Ronald Rice (D)*,  Shirley Turner (D), 

Introduced in the Senate, Referred to Senate Health, Human Services and Senior Citizens Committee (on 01/11/2022)

Official Document