Bill > S06150

This bill introduces new provisions to the banking law aimed at protecting vulnerable individuals from financial exploitation. It requires the superintendent of the Department of Financial Services to develop comprehensive guidelines for reporting suspected financial abuse in consultation with various stakeholders, including senior groups, law enforcement, and financial industry representatives. The guidelines will outline specific details such as warning signs of financial exploitation, when and to whom reports should be made, and the type of information that should be included in such reports. The bill defines financial exploitation as activities prohibited under several penal law sections or any actions meant to illegally deprive an individual of assets. Importantly, the legislation provides legal protection for financial institutions and their employees who report suspected financial abuse in good faith, granting them immunity from potential civil liability. The bill covers a wide range of financial entities, including banks, credit unions, and investment brokerages, and empowers the superintendent to create necessary rules and regulations to implement these new reporting protocols. The act will take effect 90 days after becoming law.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/S6150