SB 617
Banking and Financial Services Provider 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, Senate Bill 617, aims to protect eligible adults – including seniors and those with disabilities – from financial exploitation by financial institutions. It allows banks and financial service providers to delay, refuse, or prevent certain transactions if they suspect exploitation is occurring. The bill also permits the disclosure of financial information to designated third parties and state agencies to investigate potential abuse, while providing immunity for institutions that act in good faith based on reasonable suspicion.
Key provisions
- Allows depository institutions to delay, refuse, or prevent transactions they believe could lead to financial exploitation of an eligible adult.
- Permits disclosure of an eligible adult’s financial information to designated state agencies and associated third parties.
- Defines ‘eligible adult’ based on age (65+) or having a substantial mental or functional impairment.
- Creates a definition of ‘financial exploitation’ encompassing wrongful taking, withholding, or conversion of assets.
- Provides immunity for depository institutions and employees who act in good faith based on reasonable suspicion of exploitation.
- Establishes a process for notifying designated state agencies of suspected exploitation.
- Specifies that delaying a transaction does not constitute wrongful dishonor of an item.
- Allows for a limited delay in transactions to prevent exploitation, with a 15-day expiration period or court order.
Who is affected
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