An Act protecting vulnerable adults from financial exploitation
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill establishes a framework to protect vulnerable adults, such as seniors and people with disabilities, from financial exploitation. It defines key terms like ‘financial exploitation’ and ‘eligible adult,’ and outlines procedures for financial institutions and qualified individuals to report suspected exploitation to relevant agencies. The bill also includes provisions for delaying or stopping transactions if exploitation is suspected, and offers immunity to individuals who report suspected exploitation in good faith.
Key provisions
- Defines ‘financial exploitation’ as wrongful taking or use of an eligible adult’s money or property.
- Establishes a process for financial institutions and qualified individuals to notify agencies of suspected exploitation.
- Allows financial institutions to delay or stop transactions involving eligible adults if exploitation is suspected.
- Provides immunity to qualified individuals who report suspected exploitation in good faith.
- Creates a process for financial institutions to provide records to agencies and law enforcement related to suspected exploitation.
- Addresses financial exploitation involving broker-dealers and investment advisors.
- Specifies that agencies include the Secretary of the Commonwealth and the Disabled Persons Protection Commission.
- Establishes a time limit for delaying or stopping transactions.
Who is affected
Bill text
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Sponsors
Official sponsors from legislative records.
2 on record
Primary sponsor
Families and Persons with Disabilities Joint Committee on Children
Cosponsor
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