MS SB2202

Authorizes financial institutions to delay the completion of any financial transaction for up to 10 days if an officer or branch manager believes in good faith that the transaction may result in exploitation of an eligible person (defined as vulnerable persons or anyone 65 years or older).

Delay automatically expires when the institution determines the transaction will not result in exploitation, or after 10 days unless the Department of Human Services or law enforcement requests an extension of up to 10 additional business days.

Requires the financial institution to notify the Department of Human Services if a transaction is delayed and permits notification to authorized account holders, associated persons, or law enforcement within 48 hours if exploitation is suspected.

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

Effective July 1, 2020.