HF2475 Summary

• Expands financial exploitation protections to include financial services providers (banks, credit unions, savings associations, industrial loan and thrift companies, and regulated lenders) alongside existing broker-dealers and investment advisers.

• Allows financial services providers to notify the common entry point when they reasonably believe financial exploitation of an eligible adult may have occurred, been attempted, or is being attempted.

• Grants financial services providers and their employees immunity from administrative, civil, or criminal liability for good faith disclosures about suspected financial exploitation and cooperation with investigations.

• Authorizes financial services providers to delay disbursements or place holds on transactions for eligible adults for up to 15 business days (extendable to 25 days with law enforcement request) when exploitation is suspected, with required notification to parties within two business days.

• Establishes appeal rights for eligible adults or interested persons to challenge transaction delays before the commissioner, who must issue a decision within five business days.