HB6175 - Financial Institutions Elder Abuse Reporting Act

• Financial institutions (banks, credit unions, savings and loan associations) must report suspected financial abuse of elder adults (age 65+) to law enforcement, state's attorneys, the Department on Aging, or designated agencies.

• Reports must be made by telephone within 24 hours and in writing within 3 business days when employees with direct contact or access to an elder adult's financial documents observe behavior or transactions suggesting financial abuse.

• Financial institutions must establish training programs to help employees recognize signs of elder financial abuse, including unusual account activity, ATM withdrawals by previously non-ATM users, and suspicious signatures on checks.

• Abuse reports are confidential and may only be disclosed to investigating agencies, the elder adult, or their legal guardian, unless disclosure is required by other state or federal law.

• Civil penalties for failure to file required abuse reports range from up to $1,000 for violations to up to $5,000 for willful violations, recoverable through civil action by the Attorney General; unauthorized disclosure of report information is a misdemeanor with fines up to $500.