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CA AB2674
Bill
Status
Introduced
2/20/2026
Primary Sponsor
Pilar Schiavo
Click for details
AI Summary
- Requires depository institutions (banks and credit unions) to train customer-interacting employees at least every six months on recognizing financial abuse and deception patterns
- Mandates specific preventive measures for suspect transactions, including advising customers to independently verify requests, encouraging contact with fraud hotlines, and providing clear warnings that transactions cannot be reversed
- Allows customers who suffered financial harm and did not receive required preventive measures to file a notice within 60 calendar days, triggering a mandatory 30-day investigation by the institution
- Creates a liability shield for depository institutions that comply with preventive measure requirements or refund the transaction amount plus interest after investigation
- Authorizes civil actions with statutory damages of $5,000-$10,000 per violation, actual damages, attorney's fees, and treble damages if the institution unreasonably denied wrongdoing or if the victim is a senior citizen
Legislative Description
Financial abuse and deception: preventive measures.
Last Action
Referred to Coms. on B. & F. and JUD.
3/16/2026
Committee Referrals
Banking and Finance3/16/2026
Full Bill Text
No bill text available