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CA AB871
Bill
Status
Engrossed
1/22/2026
Primary Sponsor
Catherine Stefani
Click for details
AI Summary
- Requires mandated reporters at financial institutions who report suspected elder financial abuse to also file a report with the FBI Internet Crime Complaint Center within 2 working days
- Mandates annual training for financial institution employees on how to escalate internally and report suspected elder financial abuse to local and federal authorities, including the FBI and Federal Trade Commission
- Requires financial institutions to share information on reporting mechanisms with impacted elders or dependent adults within 24 to 48 hours when suspected abuse is discovered within 48 hours of a transaction
- Violations of the new FBI reporting requirement and information-sharing provisions are exempt from civil penalties (existing penalties up to $1,000, or $5,000 for willful failure, still apply to failure to report to local agencies)
Legislative Description
Mandated reporters of suspected financial abuse of an elder or dependent adult.
Last Action
In Senate. Read first time. To Com. on RLS. for assignment.
1/22/2026
Committee Referrals
Rules1/22/2026
Judiciary1/8/2026
Banking and Finance3/28/2025
Full Bill Text
No bill text available