Senate Bill No. 2179 Summary

• Creates Chapter 6-08.5 of North Dakota Century Code to establish procedures for preventing financial exploitation of eligible adults (age 65+ or vulnerable adults as defined in law).

• Allows financial service providers to refuse or hold financial transactions if they have good faith belief financial exploitation occurred, was attempted, or is being attempted on accounts belonging to or benefiting eligible adults.

• Permits financial service providers to report suspected financial exploitation to law enforcement agencies or the Department of Human Services without customer consent, and provides immunity from criminal, civil, and administrative liability for good faith reporting or refusal of transactions.

• Allows financial service providers to contact designated individuals (chosen by eligible adults) to alert them of suspected exploitation, and permits refusal to accept powers of attorney if there is good faith belief of exploitation by the agent.

• Amends Section 6-08.1-03 to clarify that financial institutions may disclose customer information for purposes of reporting suspected financial exploitation under the new chapter without imposing a duty to investigate.