Janie Wynn Protecting Elders from Financial Exploitation Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This bill, the Janie Wynn Protecting Elders from Financial Exploitation Act, requires credit card issuers to send fraud alerts to senior citizens when they receive a pre-approved credit card offer. Additionally, it mandates that depository institutions and credit unions provide training to employees on identifying potential financial exploitation of seniors and notifying them of suspicious account activity. The bill aims to protect vulnerable seniors from financial scams and abuse.
Key provisions
- Credit card issuers must send fraud alerts to senior citizens upon activation of a pre-approved credit card.
- Fraud alerts must be sent to the cardholder and a designated individual (relative or spouse) with whom the cardholder has shared information.
- Depository institutions and credit unions must train employees to identify financial exploitation indicators.
- Institutions must notify senior citizens within 24 hours of suspicious account activity.
- Specific account activity triggers for notification include ATM use, credit card charges, cash withdrawals, and changes to account details.
- The bill includes a provision for a waiver of fraud alert requirements if the senior citizen signs a waiver acknowledging increased risk.
- Definitions of key terms such as ‘cardholder,’ ‘credit union,’ and ‘fraud alert’ are provided.
- The bill defines ‘exploitation’ and ‘senior citizen’ for clarity.
Who is affected
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Primary sponsor
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