MS HB940

Authorizes financial institution officers, branch managers, or their designees to delay any financial transaction for up to 10 calendar days if they believe in good faith that it may result in or be the result of exploitation of an eligible person (vulnerable persons or those age 65+).

Transaction delay expires when the financial institution determines in good faith that no exploitation will occur, or after 10 calendar days unless the Department of Human Services or law enforcement requests an extension of up to an additional 10 business days.

Requires financial institutions to promptly notify the Department of Human Services when a transaction is delayed, and permits notification to law enforcement, account co-signers, and other interested parties, including disclosure of transaction details and reasons for the delay.

Provides that financial institutions and their officers, directors, employees, agents, and representatives are immune from administrative, civil, or criminal liability for delaying or not delaying transactions under this section, except for individuals who are perpetrators of exploitation.

Becomes effective July 1, 2020.