MA S741

Creates mandatory reporting requirements for financial institution employees who have reasonable cause to believe financial exploitation of an eligible adult (persons 60+ or disabled) has occurred or been attempted, requiring prompt notification to the Secretary of the Commonwealth and adult protective services agencies

Authorizes financial institutions to delay suspicious disbursements or transactions for up to 15 business days while conducting internal reviews, with written notification to account holders within 2 business days of any delay

Requires financial institutions to report investigation results to the Secretary and adult protective services within 7 business days of a delayed transaction, and to provide relevant records to authorities during investigations

Grants immunity from administrative and civil liability to qualified individuals (agents, bank employees, compliance/legal staff) who comply with the reporting and delay provisions in good faith and with reasonable care

Allows courts to extend transaction delays beyond 15 days or order other protective relief upon petition by the Secretary, adult protective services, the financial institution, or other interested parties