SB166 Summary

• Allows financial service providers to refuse or delay execution of 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 transactions to make reasonable effort to notify authorized account parties orally or in writing, and report incidents to the Department of Human Resources and law enforcement, except when the suspected perpetrator is the party authorized on the account.

• Permits financial service providers to offer elderly or vulnerable adult customers the opportunity to submit and periodically update a list of individuals or entities the provider may contact when financial exploitation is suspected.

• Provides immunity from criminal, civil, and administrative liability to financial service providers and their officers and employees acting in a reasonable manner when refusing, delaying, or executing transactions or contacting persons under this act.

• Becomes effective January 1, 2021, and does not alter existing law regarding broker-dealers and investment advisors or modify financial service provider contracts.