Bill > H5300

This bill establishes new legal protections for vulnerable adults, defined as individuals aged 60 or older or disabled persons, against financial exploitation, which is broadly defined as the wrongful or unauthorized use of their money, assets, or property through deception, intimidation, undue influence, or dishonest conduct. Financial institutions and their qualified employees, acting in good faith and with reasonable care, are empowered to report suspected financial exploitation to relevant agencies, including the Division of Banks, the Disabled Persons Protection Commission, and the Executive Office of Elder Affairs. These institutions can also temporarily delay or stop disbursements or transactions from an eligible adult's account if they reasonably believe exploitation may occur, provided they notify authorized parties and relevant agencies within specific timeframes. Furthermore, qualified individuals who report suspected exploitation or delay transactions in good faith are granted immunity from civil and administrative liability, unless they participated in or aided the exploitation. The bill also allows courts to order the disclosure of relevant financial records to agencies and law enforcement for investigations and clarifies that these records are not public. A separate section addresses similar protections for broker-dealer and investment adviser relationships, defining "qualified investment individuals" and outlining their reporting and delay authority, with similar immunity provisions.

Joint Committee on Children, Families and Persons with Disabilities (Joint)

https://malegislature.gov/Bills/194/H5300