Bill > H754

This bill aims to protect disabled and older adults from financial exploitation and update savings bank laws. The first part of the bill focuses on strengthening protections for vulnerable adults by expanding the definition of financial exploitation and providing financial institutions with tools to prevent and report potential abuse. Specifically, financial institutions are now allowed to delay transactions and notify trusted contacts if they suspect financial exploitation is occurring. The bill defines a "trusted contact" broadly, including family members, joint account owners, and legal representatives. Financial institutions are granted immunity from liability when acting in good faith to prevent potential financial abuse, and they are required to develop training programs for employees to recognize and respond to potential exploitation. The second part of the bill updates regulations for savings banks, modernizing rules around branch offices, location changes, and corporate governance. These updates include streamlining application processes for branch establishments, adding more flexibility in branch relocation, and clarifying directors' responsibilities and meeting requirements. The bill also requires the Commissioner of Banks to review and potentially further modernize savings bank regulations. The changes are intended to provide stronger consumer protections while aligning savings bank laws more closely with commercial banking regulations.

Budget and Finance, Business and Industry, Government Affairs

https://www.ncleg.gov/BillLookUp/2025/H754