Bill > S06379

This bill establishes comprehensive protections for vulnerable adults, specifically defining "eligible adults" as individuals who are either 60 years or older, or at least 18 years old with mental or physical impairments that prevent them from managing their own resources or protecting themselves from financial exploitation. The legislation creates new requirements for broker-dealers, investment advisers, banking institutions, and other financial professionals to help prevent and respond to financial abuse. Key provisions include allowing these professionals to place a temporary "transaction hold" on suspicious financial transactions, requiring them to notify adult protective services or law enforcement if they suspect financial exploitation, and mandating that they develop employee training programs about recognizing and responding to potential financial abuse. The bill also provides immunity from civil and administrative liability for financial institutions and professionals who act in good faith when implementing these protective measures. Additionally, the legislation expands the legal definition of financial exploitation to include more comprehensive scenarios of potential abuse, such as obtaining control through deception, intimidation, or undue influence. The new law aims to create a robust system of protection for vulnerable adults by enabling financial institutions to intervene and report potential exploitation while maintaining confidentiality and providing a structured response mechanism.

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https://www.nysenate.gov/legislation/bills/2025/S6379