The California Elder Financial Abuse Prevention Act.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Banking and Finance
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
The California Elder Financial Abuse Prevention Act aims to protect older adults and dependent adults from financial exploitation. It allows financial institutions, like banks and credit unions, to take specific actions when they suspect an eligible adult – defined as someone 65 or older or with significant impairments – is being financially abused. These actions include delaying transactions, preventing fund transfers, and refusing certain instructions from agents acting on behalf of the adult. The bill also permits institutions to notify related parties about their concerns while protecting sensitive information and exempting these disclosures from standard privacy laws.
Key provisions
- Depository institutions can delay or refuse transactions involving eligible adults if they suspect financial abuse.
- Institutions can prevent fund transfers from an eligible adult’s account.
- Institutions can refuse to comply with instructions from agents acting on behalf of an eligible adult.
- Institutions can notify associated third parties (e.g., family members, attorneys) about suspected abuse, with privacy protections.
- The bill defines ‘eligible adult’ based on age and functional impairment.
- Financial abuse is defined broadly, including taking property, obtaining control through deception, or converting assets.
- A delay in a transaction does not constitute wrongful dishonor of an item.
- The bill establishes a timeframe for delays and allows extensions under certain circumstances.
Who is affected
Bill text
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Sponsors
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8 on record
Primary sponsor
Cosponsors
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