Bill > S741

This bill establishes a comprehensive framework to protect seniors and adults with disabilities from financial exploitation by creating new legal provisions for financial institutions and qualified individuals. The bill defines key terms such as "eligible adult" (persons 60 or older or disabled), "financial exploitation" (wrongful taking or misuse of an adult's assets), and "qualified individual" (agents, investment advisers, bank employees in supervisory roles). Under the new law, if a qualified individual suspects financial exploitation, they are required to promptly notify the Secretary of the Commonwealth and relevant adult protective services agencies. Financial institutions are granted the ability to temporarily delay suspicious transactions and are obligated to conduct internal reviews, notify relevant parties, and report findings within specified timeframes. The bill provides legal protection for qualified individuals who act in good faith, offering them immunity from administrative or civil liability when reporting potential exploitation. Additionally, the legislation requires financial institutions to provide access to relevant records for investigations while ensuring those records remain confidential. The overall goal is to create a proactive, protective mechanism that helps prevent and quickly address potential financial abuse of vulnerable adults.

Budget and Finance, Business and Industry

https://malegislature.gov/Bills/194/S741