MS SB2870

Authorizes financial institutions (banks, credit unions, savings and loan associations) to delay completion of financial transactions if they believe in good faith that the transaction may result in or stem from exploitation of an eligible person (vulnerable persons or those age 65 and older).

Transaction delays expire after 15 business days or upon the financial institution's good-faith determination that no exploitation will occur, whichever comes first.

Permits delays to be extended up to an additional 10 business days if the Department of Human Services or law enforcement requests the extension, and allows courts to further extend or terminate delays.

Requires financial institutions to promptly notify the Department of Human Services of delayed transactions and permits them to notify law enforcement, authorized account holders, or other relevant parties with details about the transaction and reasons for delay.

Provides immunity from civil, criminal, and administrative liability for financial institutions and their officers, employees, and agents for actions taken or not taken under this section, except for individuals who are perpetrators of exploitation.