HB147 Summary

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

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

• Allows financial service providers to offer elderly and vulnerable adults the opportunity to submit a list of contacts to be notified when financial exploitation is suspected, and permits disclosure of suspected exploitation to listed contacts, co-owners, or reasonably associated third parties.

• Provides immunity from criminal, civil, and administrative liability to financial service providers and their officers or employees acting in a reasonable manner when refusing, delaying, or executing transactions based on reasonable suspicion of financial exploitation.

• Becomes effective January 1, 2022.