SF2466 Summary

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

• Permits 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.

• Authorizes financial services providers to delay or place holds on account disbursements and transactions for eligible adults if law enforcement or the commissioner of commerce provides information indicating reasonable belief of financial exploitation.

• Sets mandatory hold periods of up to 15 business days (extendable to 25 business days with law enforcement or commissioner request) with requirement to notify account parties within 2 business days unless they are suspected exploiters.

• Provides immunity from administrative, civil, or criminal liability for financial services providers and employees who in good faith make disclosures, delay disbursements, or cooperate with investigations related to suspected financial exploitation.