HB 417 Summary

• Adds definition of "elderly person" referencing Title 11, Section 222 and expands "exploitation" to include acts of forcing, compelling, or exerting undue influence over vulnerable adults causing them to act inconsistently with past behavior or perform services for another's benefit.

• Creates new "financial exploitation" definition covering illegal or improper use, control, withholding of property, income, resources, or trust funds, including specific examples involving deception, undue influence, fiduciary duty breach, and unauthorized appropriation.

• Requires financial institution employees with direct contact with elderly account holders to report suspected financial exploitation through internal policies within 5 business days of identifying suspicious transactions, with authority to place a 10-day hold on transactions (extendable to 30 days upon agency request).

• Grants financial institutions authority to provide relevant records to the Department of Health and Social Services, law enforcement, or prosecutors for investigations, including up to 30 calendar days of historical transaction records.

• Extends immunity from civil, administrative, and criminal liability to persons and entities acting in good faith when reporting suspected exploitation or holding transactions under these provisions.