Senate Bill 140 Summary

• Increases criminal penalties for exploitation of older adults (age 65+) and disabled adults, with felony classifications based on asset values: Class F felony for $100,000+, Class G felony for $20,000-$99,999, and Class H felony for less than $20,000.

• Creates new Article 6A in G.S. Chapter 108A establishing procedures for law enforcement and social services to obtain subpoenas for financial records of exploited older and disabled adults without requiring customer consent.

• Requires financial institutions to report suspected financial exploitation of older and disabled adults to law enforcement and social services, and allows customers to voluntarily provide lists of trusted persons to contact in case of suspected exploitation.

• Provides immunity from liability for financial institutions and their employees who report suspected exploitation in good faith or provide financial records pursuant to subpoenas.

• Extends and expands the Task Force on Fraud Against Older Adults, requiring reports to the Joint Legislative Oversight Committee on Health and Human Services prior to the 2014 legislative session, with termination scheduled for May 1, 2015.