Economic development: other; financial exploitation prevention act; amend to reflect elimination of the Michigan strategic fund. Amends sec. 3 of 2020 PA 344 (MCL 487.2083). TIE BAR WITH: SB 0631'25
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Progress
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- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill amends the Financial Exploitation Prevention Act to reflect the elimination of the Michigan Strategic Fund. It clarifies definitions related to adult protective services, caregivers, covered financial exploitation, and examination and enforcement authorities. The bill maintains existing definitions regarding financial exploitation, financial institutions, law enforcement agencies, and vulnerable adults.
Key provisions
- Defines ‘Adult Protective Services’ as part of the Department of Health and Human Services.
- Defines ‘Caregiver’ as a relative responsible for an individual’s health and safety, or a legal guardian.
- Defines ‘Covered financial exploitation’ as exploitation through deception related to caregiver relationships.
- Specifies the ‘Examination and enforcement authority’ based on various federal and state agencies.
- Clarifies the definition of ‘Financial institution’ referencing the Michigan Strategic Fund Act.
- Defines ‘Law enforcement agency’ as local police or the Michigan State Police.
- Defines ‘Unauthorized’ as acting without permission, even if permission was obtained deceptively.
- Defines ‘Vulnerable adult’ as an adult with mental or physical impairments or advanced age who cannot protect themselves from exploitation.
Who is affected
- Vulnerable adults
- Caregivers
- Financial institutions
Bill text
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