HB3752 - Financial Institutions Elder Abuse Reporting Act

• Financial institutions (banks, savings and loans, savings banks, credit unions) must report suspected financial abuse of elder adults (age 65+) to law enforcement, State's attorney, Department on Aging, or designated agencies within 24 hours by phone and within 3 business days in writing.

• Reporting is required when an employee has direct contact with an elder adult or reviews their financial documents and observes or suspects financial abuse, defined as taking or retaining property through undue influence, fraud, or wrongful intent.

• Financial institutions must establish training programs to help employees recognize signs of financial abuse (unusual deposits, ATM use changes, forged signatures) and inform employees of reporting requirements.

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

• Financial institutions that fail to file required reports face civil penalties up to $1,000, or up to $5,000 for willful violations, enforceable by the Attorney General; unauthorized disclosure of report information is a misdemeanor with fines up to $500.