Bill > A07019

This bill establishes comprehensive protections for vulnerable adults, specifically those aged 60 or older or adults aged 18 and above with mental or physical impairments that limit their ability to manage resources or protect themselves from financial exploitation. The legislation introduces new requirements for broker-dealers, investment advisers, banking institutions, and other financial entities to help prevent and respond to financial abuse. Key provisions include allowing these entities to place a temporary hold on financial transactions if they reasonably suspect exploitation, mandating that they notify adult protective services or law enforcement about potential abuse, and requiring staff training on recognizing financial exploitation. The bill defines financial exploitation broadly, covering improper use of an adult's funds or assets and acts that obtain control through deception, intimidation, or undue influence. Financial institutions are granted immunity from civil and administrative liability for good-faith actions taken under this law, and they must develop written procedures for reviewing and reporting suspected exploitation. Importantly, the bill also requires social services officials to report potential financial exploitation to law enforcement and notify relevant financial institutions. These protections aim to safeguard vulnerable adults from financial harm by providing multiple layers of oversight and intervention.

Business and Industry

https://www.nysenate.gov/legislation/bills/2025/A7019