SB3804 Summary

• Expands mandated reporters under the Adult Protective Services Act to include broker-dealers, investment advisors, and officers and employees of financial institutions.

• Defines financial exploitation as taking, secreting, appropriating, obtaining, or retaining an eligible adult's property for wrongful use, fraud, or undue influence, including assisting in or aiding such actions.

• Establishes standards for when financial institutions and other mandated reporters are deemed to have assisted in financial exploitation, including failure to act as a reasonable person would given surrounding facts, circumstances, and red flags.

• Provides financial institutions and their employees with safe harbor from liability if they give eligible adults written and verbal warnings about suspected exploitation and either obtain consent from a trusted contact person or hold/refuse the transaction while notifying authorities for 15 business days.

• Exempts nonsupervisory employees of financial institutions from personal liability for violations while preserving institutional and supervisory liability.