CT SB00269

Establishes a working group effective July 1, 2022, to analyze procedures for financial institutions to detect and prevent financial exploitation of elderly persons, with representatives from banking associations, credit unions, AARP Connecticut, and elder law attorneys.

Working group must submit findings and recommendations to the joint standing committee on banking by January 1, 2023, with administrative support provided by the banking committee staff.

Changes the evidentiary standard for joint deposit accounts from "clear and convincing evidence" to "preponderance of the evidence" to rebut the presumption that joint account funds pass to surviving owners (effective October 1, 2022).

Requires financial institutions to provide written deposit account disclosures, contract terms, and fee information to depositors in paper form that can be retained, with exceptions for automatic renewals within 30 days.

Mandates financial institutions comply with federal and state law requirements regarding consumer consent before providing electronic periodic statements and must provide paper copies upon request.