NC H754

Summary of House Bill 754

• Expands the definition of "financial exploitation" to include acts using power of attorney, guardianship, or conservatorship to obtain control over or divert an older adult's or disabled adult's money through deception, intimidation, or undue influence

• Authorizes financial institutions to delay or refuse transactions for up to 30 business days (extendable by another 30 days) when they reasonably believe financial exploitation of an older adult (65+) or disabled adult is occurring or being attempted

• Grants civil, criminal, and administrative immunity to financial institutions and their employees who act in good faith to delay transactions, report suspected exploitation, or notify trusted contacts

• Requires financial institutions to develop employee training programs on financial exploitation, maintain records of delayed transactions for at least five years, and establish written procedures for internal review of suspected exploitation

• Streamlines savings bank branch office regulations by simplifying the approval process, reducing public notice comment periods to 14 days, and directing the Commissioner of Banks to review and modernize savings bank statutes within one year