SB 86
Enacting bank protections for eligible adults from financial exploitation
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- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill establishes protections for vulnerable adults from financial exploitation by allowing banks, broker-dealers, and investment advisors to delay or refuse certain transactions if they suspect exploitation. It defines ‘eligible adults’ as those 65 or older or individuals with significant impairments, and it outlines procedures for disclosing suspected exploitation to state agencies and authorized third parties. The bill aims to provide these financial institutions with tools to intervene and prevent harm to these individuals.
Key provisions
- Defines ‘eligible adult’ based on age or functional impairment.
- Permits financial institutions to delay, refuse, or prevent transactions suspected of financial exploitation.
- Allows disclosure of financial information to designated state agencies and authorized third parties.
- Establishes a process for notifying associated third parties of suspected exploitation.
- Creates immunities for financial institutions from liability related to disclosures or actions taken in good faith to prevent exploitation.
- Defines ‘financial exploitation’ to include wrongful taking, withholding, or use of assets.
- Specifies that delaying a transaction does not constitute wrongful dishonor of an item.
- Provides a timeframe for the duration of a delay in a transaction.
Who is affected
- Elderly adults (65 and older)
- Adults with significant mental or functional impairments
- Depository institutions (banks)
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