Bill > H1239

This bill establishes a comprehensive framework to protect vulnerable adults from financial exploitation by creating new legal provisions for financial institutions and their employees. The bill defines key terms such as "eligible adults" (persons 60 years or older or disabled individuals), "financial exploitation" (wrongful taking or misuse of an adult's assets through deception or undue influence), and "qualified individuals" (financial institution employees in supervisory or compliance roles). Under the new law, if a financial institution or qualified individual suspects financial exploitation, they may notify the Commissioner of Banks and relevant adult protective services agencies. The bill allows financial institutions to delay suspicious transactions for up to 21 business days after conducting an internal review, with requirements to provide written notifications to account holders and the Commissioner. Financial institutions must provide records related to suspected exploitation to authorities during investigations, and individuals and institutions acting in good faith are granted immunity from civil or administrative liability. The legislation also ensures that records related to investigations remain confidential and not subject to public examination, while preserving the Secretary of Commonwealth's existing investigative authorities. The bill aims to create a proactive system for detecting, reporting, and preventing financial abuse of vulnerable adults by empowering financial institutions to take protective actions.

Business and Industry

https://malegislature.gov/Bills/194/H1239