HB 5949 Summary

• Authorizes depository institutions to delay or refuse account disbursements when qualified representatives reasonably believe financial exploitation of a financially endangered adult may have occurred, is occurring, or may be attempted.

• Permits qualified representatives to notify immediate family members, legal guardians, conservators, trustees, power of attorney agents, or court-designated individuals about suspected financial exploitation without breaching confidentiality, unless the individual is suspected of the exploitation.

• Requires written notification to authorized account holders within 2 business days when a disbursement is delayed, except those reasonably believed to have engaged in financial exploitation.

• Limits disbursement delays to the earlier of 15 business days from initial delay or when a determination is made that the disbursement will not result in exploitation; courts may extend delays or order protective relief.

• Provides immunity from criminal, civil, and administrative liability to depository institutions and qualified representatives acting in good faith and with reasonable care under this act.