HB3 Summary

• Requires financial institutions to report suspected financial abuse of elders to both the Department of Human Services and the appropriate county police department, instead of only to the Department of Human Services.

• Reports must be made by telephone, facsimile, or other electronic device immediately or as soon as practically possible, replacing the previous requirement for immediate telephone notification followed by written report within five business days.

• Defines "financial abuse" as taking, appropriating, obtaining, or retaining real or personal property of an elder through undue influence or with intent to defraud, rather than simply referencing "financial abuse or economic exploitation."

• Requires the Department of Commerce and Consumer Affairs to develop a standardized form that all financial institutions must use to document and report suspected financial abuse of elders.

• Grants immunity from civil or criminal liability to financial institutions and persons who make good faith reports of suspected financial abuse and participate in resulting judicial proceedings.