Bill > LD1445

This bill aims to prevent financial exploitation of vulnerable adults by establishing new protections and reporting mechanisms for financial institutions and credit unions. The legislation defines "financial exploitation" as the wrongful taking, withholding, or unauthorized control of an eligible adult's money or property, which includes individuals 65 years or older or those under adult protective services. The bill allows financial institutions to develop policies enabling customers to designate a "trusted contact person" who can be notified about potential financial exploitation. Financial institutions are granted the authority to delay account disbursements for up to 15 business days if they reasonably believe a transaction might result in financial exploitation, with requirements to notify the customer, authorized account parties, and the Office of the Attorney General within specific timeframes. The bill also provides immunity from liability for financial institutions that act in good faith when taking protective actions, and allows them to report suspected exploitation to law enforcement and share relevant account records. Additionally, the bill modifies existing laws to expand the circumstances under which financial institutions can disclose records, specifically when there is suspicion of financial exploitation of adults 62 years and older.

Health and Social Services

https://legislature.maine.gov/legis/bills/display_ps.asp?LD=1445&snum=132