MA H1270

Creates mandatory reporting requirements for financial institution employees who have reasonable cause to believe financial exploitation of a person age 60+ or a disabled adult has occurred or been attempted, requiring notification to the Secretary of the Commonwealth and adult protective services

Authorizes financial institutions to delay suspicious disbursements or transactions for up to 15 business days while conducting internal reviews, with written notice to account holders within 2 business days (unless that party is suspected of the exploitation)

Requires financial institutions to complete internal investigations and report results to the Secretary and adult protective services within 7 business days of delaying a transaction

Mandates financial institutions provide relevant account records to the Secretary, adult protective services, or law enforcement during exploitation investigations, with such records exempt from public disclosure

Grants immunity from administrative and civil liability to qualified individuals who comply with the reporting and delay requirements in good faith, while preserving liability for those who participate in or materially aid the exploitation