SB181 Summary: Elderly and Vulnerable Adult Financial Protection Act of 2021

• Financial service providers may refuse or delay execution of financial transactions when they have reasonable cause to suspect financial exploitation of elderly adults (65+) or vulnerable adults, or when the Department of Human Resources or law enforcement provides such information.

• Financial service providers that refuse or delay transactions must make reasonable efforts to notify authorized account parties (except suspected perpetrators) and report the incident to the Department of Human Resources and appropriate law enforcement agencies.

• Elderly and vulnerable adult customers may submit and periodically update a list of individuals or entities that the financial institution may contact when suspected financial exploitation occurs.

• Financial service providers and their officers or employees are immune from all criminal, civil, and administrative liability when acting in a reasonable manner regarding transaction refusals, delays, or related actions based on reasonable belief of financial exploitation.

• The act becomes effective January 1, 2022, and does not alter existing protections for broker-dealers and investment advisors or modify existing financial service provider contracts.