Bill > SB738

This bill amends the Older Adults Protective Services Act to add a new chapter focused on preventing the financial exploitation of older adults. It requires financial institutions to designate a representative to handle reports of suspected financial exploitation and mandates that financial institution employees report any such suspicions to this designated representative within two business days. The designated representative must then review the report and, if there's reasonable cause to believe exploitation may have occurred, report it to the appropriate area agency on aging or the Department of Aging, and may also inform law enforcement. The bill also grants financial institutions the authority to temporarily hold, refuse, or prevent transactions that they reasonably believe may be part of financial exploitation, with specific time limits and notification requirements. Furthermore, it establishes that financial institutions and their employees acting in good faith to prevent financial exploitation are protected from civil and criminal liability, and outlines penalties for failing to report or for aiding in exploitation. The Department of Aging is tasked with developing a model training program for financial institution employees on identifying exploitation and will also issue annual reports on the implementation of these provisions.