An Act amending the act of November 6, 1987 (P.L.381, No.79), known as the Older Adults Protective Services Act, providing for prevention of financial exploitation.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill amends the Older Adults Protective Services Act to strengthen efforts to prevent financial exploitation of older adults. It requires financial institutions to report suspected exploitation to designated representatives, who then report to relevant agencies. The bill also establishes definitions related to financial exploitation and accounts of older adults, outlines duties for the Department of Aging and the Department of Banking and Securities, and provides a mechanism for financial institutions to temporarily hold or prevent transactions to protect older adults from exploitation. Finally, it creates a model training program for financial institution employees.
Key provisions
- Defines key terms, including ‘Account of the older adult,’ ‘Designated representative,’ and ‘Financial exploitation.’
- Requires financial institutions to report suspected financial exploitation to designated representatives.
- Establishes a process for designated representatives to review reports and escalate them to appropriate agencies.
- Authorizes financial institutions to temporarily hold, refuse, or prevent transactions to protect older adults from exploitation.
- Creates a model training program for financial institution employees on identifying and preventing financial exploitation.
- Provides immunity from civil and criminal liability for financial institutions and designated representatives acting in good faith.
- Requires the Department of Aging to develop guidance on categories of incidents that are excluded from mandatory reporting.
Bill text
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Document of record
- Version
- Pn 0763 Html
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Sponsors
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9 on record
Primary sponsor
Cosponsors
Christine Tartaglione
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