Bill > SB278

This bill requires covered persons or entities, such as financial institutions that are mandated reporters of suspected financial abuse of elders or dependent adults, to establish an emergency financial contact program for covered accountholders. The program would allow covered persons or entities to notify a joint accountholder or an emergency financial contact if they reasonably suspect a covered transaction (over $5,000) requested by the covered accountholder is the result of financial abuse. The bill also requires covered persons or entities to delay such transactions by at least 3 business days if they reasonably suspect financial abuse, and provides them immunity from liability for delayed or refused transactions. The bill also establishes liability for covered persons or entities if they violate the notification or delay requirements and the covered accountholder suffers financial abuse as a result, with exceptions for non-managerial employees and employees of covered entities with a principal place of business in California.

Budget and Finance, Business and Industry, Justice

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202320240SB278