HB207 Summary

• Authorizes financial service providers to refuse or delay financial transactions on accounts of elderly adults (65+) or vulnerable adults when they have reasonable cause to suspect financial exploitation has occurred, been attempted, or is being attempted.

• Requires financial service providers that refuse or delay a transaction to notify authorized account parties (except suspected perpetrators) and report the incident to the Department of Human Resources and appropriate law enforcement agencies.

• Allows financial service providers to offer elderly and vulnerable adults the opportunity to submit and periodically update a list of contacts to be notified if exploitation is suspected.

• Provides immunity from criminal, civil, and administrative liability to financial service providers and their officers/employees acting in a reasonable manner under this law.

• Becomes effective January 1, 2021.