Bill > LD1445

This bill provides enhanced protections for Maine residents aged 62 and older against financial exploitation by financial institutions and credit unions. The bill allows these institutions to report suspected financial exploitation to the Attorney General's Office and defines financial exploitation as wrongful taking, unauthorized control, or deceptive appropriation of an older adult's money or assets. Financial institutions can now develop policies allowing customers to designate a "trusted contact person" who can be notified if financial exploitation is suspected. The bill also empowers financial institutions to delay account disbursements for up to 15 business days if they reasonably believe a transaction might result in financial exploitation, with the requirement to notify the customer (unless they are suspected of exploitation) and the Attorney General within two business days of the delay. Importantly, financial institutions acting in good faith are granted immunity from administrative or civil liability for their actions. Additionally, these institutions may provide relevant account records to law enforcement agencies during investigations, and such records will be treated as confidential. This legislation aims to create a protective framework that helps prevent and quickly respond to potential financial abuse of older adults.

Health and Social Services

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