SB 848
Enacting bank protections for eligible adults from financial exploitation
Take action
Record your position on this measure.
Sign in to record your position, submit testimony, or contact your legislator.
Sign in to take action- Introduced
- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill aims to protect eligible adults, particularly seniors and those with disabilities, from financial exploitation by providing safeguards for banks, broker-dealers, and investment advisors. It allows these institutions to delay, refuse, or prevent certain transactions if they suspect exploitation is occurring, and it permits them to share information with designated state agencies and authorized third parties. The bill also establishes definitions related to financial exploitation and creates immunities for these financial institutions when acting in good faith to prevent harm.
Key provisions
- Allows depository institutions, broker-dealers, and investment advisors to delay, refuse, or prevent transactions suspected of financial exploitation.
- Permits disclosure of eligible adults’ financial information to designated state agencies and authorized third parties.
- Defines key terms, including ‘eligible adult,’ ‘financial exploitation,’ and ‘associated third-party.’
- Establishes immunities for financial institutions when disclosing information or taking actions to prevent exploitation.
- Requires financial institutions to notify designated state agencies if they suspect financial exploitation.
- Authorizes financial institutions to notify associated third parties if they suspect financial exploitation.
- Specifies conditions under which immunities apply and do not apply.
- Provides a process for extending delays in transactions to prevent exploitation.
Who is affected
Arguments in favor
Reasons to support this legislation.
No arguments in favor have been submitted.
Submit yoursArguments opposed
Reasons to oppose this legislation.
No arguments opposed have been submitted.
Submit yours