Bill > H1270

This bill establishes comprehensive protections for seniors and adults with disabilities against financial exploitation by creating new legal requirements for financial institutions and professionals. The bill defines key terms such as "eligible adult" (persons 60 or older or disabled), "financial exploitation" (unauthorized taking or misuse of an adult's assets), and "qualified individuals" (agents, investment advisers, bank employees). It requires qualified individuals who suspect financial exploitation to promptly notify the Secretary of the Commonwealth and adult protective services agencies, providing detailed reporting guidelines. The legislation allows financial institutions to temporarily delay suspicious transactions up to 15 business days after conducting an internal review, with mandatory notifications to authorized account parties and agencies. Financial institutions must also provide relevant records to investigators while maintaining confidentiality. The bill provides legal immunity for qualified individuals who report potential exploitation in good faith, though this protection does not shield them from liability if they actively participate in exploitative actions. Critically, the law aims to create a proactive system for detecting and preventing financial abuse of vulnerable populations by establishing clear reporting mechanisms, investigation protocols, and protective measures.

Business and Industry

https://malegislature.gov/Bills/194/H1270