SB 174

Abstract

Financial institutions; reporting financial exploitation of elderly or vulnerable adults. Permits a financial institution to allow an elderly or vulnerable adult, as defined in the bill, to submit and periodically update a list of trusted persons whom such financial institution or financial institution staff, as defined in the bill, may contact in the case of the suspected financial exploitation of such adult. The bill also permits a financial institution to conduct a training to instruct its staff on how to identify and report the suspected financial exploitation of an elderly or vulnerable adult internally at such financial institution, to a designated trusted contact, and to various other authorities. The bill directs the Bureau of Financial Institutions of the State Corporation Commission to develop and publish guidelines for such training by January 1, 2026. The bill provides that no financial institution staff that have received such training shall be liable in any civil or administrative proceeding for disclosing the suspected financial exploitation of an elderly or vulnerable adult pursuant to the bill's provisions if such disclosure was made in good faith and with reasonable care. The bill provides that no financial institution that has provided such training shall be liable for any such disclosure by financial institution staff. This bill is identical to HB 692.

Financial institutions; reporting financialexploitation of elderly or vulnerable adults. Permits a financial institution to allow an elderly or vulnerable adult, as defined in the bill, to submit and periodically update a list of trusted persons whom such financial institution or financial institution staff, as defined in the bill, may contact in the case of suspected financial exploitation of such adult. In such a case, the bill also allows a financial institution or financial institution staff to convey such suspicion to one or more certain individuals, provided that the recipient of such conveyance is not the suspected perpetrator of financial exploitation. The bill provides that a financial institution or financial institution staff shall be immune from any civil or administrative liability for any act taken or omission made in accordance with the bill's provisions.

Financial institutions; reporting financialexploitation of elderly or vulnerable adults. Permits a financial institution, as defined in the bill, to allow an elderly or vulnerableadult, as defined in the bill, to submit and periodically updatea list of trusted persons whom such financial institution or financialinstitution staff, as defined in the bill, may contact in the caseof suspected financial exploitation of such adult. In such a case,the bill also allows a financial institution or financial institutionstaff to convey such suspicion to one or more certain individuals,provided that the recipient of such conveyance is not the suspectedperpetrator of financial exploitation. The bill provides that a financialinstitution or financial institution staff shall be immune from any criminal, civil, or administrative liability for any act taken oromission made in accordance with the bill's provisions.