Bill > H956

This bill introduces new protections for disabled adults and older adults in financial transactions by requiring financial institutions and payment card processors to report potentially harmful financial behaviors to social services and designated contacts. If a covered entity observes a pattern of behavior that could be financially damaging to a disabled or older adult, or if the adult has not communicated with the entity for six months, they must report this to the county social services department. The bill also prevents financial institutions from charging late fees, penalties, or interest during specific periods, such as when an adult has been diagnosed with a cognitive impairment or is receiving cognitive care in an adult care home. These protections apply to individuals 65 years or older or those defined as disabled under existing state law, and aim to safeguard vulnerable populations from potential financial exploitation or challenges stemming from cognitive decline. The provisions will take effect on October 1, 2025, and will apply to late fees, penalties, and interest charged from that date forward.

Government Affairs, Justice

https://www.ncleg.gov/BillLookUp/2025/H956