MI SB0464

Requires financial institutions to develop and implement policies for training employees to recognize signs of financial exploitation of vulnerable adults and other customers, including procedures for reporting suspected exploitation to law enforcement or adult protective services.

Authorizes financial institutions to delay transactions or freeze customer accounts for up to 10 business days when covered financial exploitation is suspected, with the ability to extend freezes while investigations are ongoing, and allows processing of transactions necessary for health, safety, or financial well-being.

Defines "covered financial exploitation" as financial exploitation involving deception, manipulation, coercion, intimidation, or improper leveraging of a caregiver relationship, and establishes reporting requirements to law enforcement agencies and county prosecutors within specified timeframes.

Provides immunity from criminal, civil, or administrative liability to financial institutions and their employees, officers, directors, and affiliates for actions taken in good faith under this act, and prohibits private rights of action against financial institutions.

Effective 270 days after enactment (September 26, 2021); applies only to enforcement by state and federal regulatory agencies with examination and enforcement authority over financial institutions.