A 4374
Requires, or authorizes, as appropriate, financial institutions to take certain action upon certain financial transactions made by vulnerable or senior customer.
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Sign in to take action- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill requires New Jersey financial institutions, such as banks and credit unions, to take specific actions when dealing with transactions involving vulnerable or senior customers. It mandates that these institutions release financial records to county adult protective services providers and law enforcement agencies if suspected financial exploitation is occurring. The bill also allows financial institutions to temporarily delay transactions if a qualified employee believes exploitation is possible, requiring notification to relevant parties and a review process. Finally, it mandates employee training on recognizing and preventing financial exploitation of vulnerable and senior customers.
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