Bill > SB738

This bill amends the Older Adults Protective Services Act to establish new regulations for financial institutions in identifying and preventing financial exploitation of older adults. The bill introduces comprehensive definitions for terms like "financial exploitation," "financial institution," and "transaction," and creates mandatory reporting requirements for financial institution employees who suspect elder financial abuse. Under the new law, if a financial institution employee suspects financial exploitation, they must report it to a designated representative within two business days. The designated representative must then review the report and, if reasonable cause exists, report the suspected exploitation to an area agency on aging or the department. Financial institutions are authorized to temporarily hold or prevent certain transactions if they have reasonable cause to believe financial exploitation may be occurring, with specific guidelines about the duration and conditions of such holds. The bill also provides immunity from civil and criminal liability for financial institutions and their employees who act in good faith when reporting or preventing potential financial exploitation. Additionally, the Department of Aging must develop guidance for reporting, create a model training program for financial institution employees, and submit annual reports detailing the number and types of financial exploitation reports. Penalties for non-compliance include fines up to $2,500 for failing to report and potential criminal charges for intentionally aiding in financial exploitation.

Business and Industry

https://www.legis.state.pa.us/cfdocs/billinfo/bill_history.cfm?syear=2025&sind=0&body=S&type=B&bn=738