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NY A01783
Bill
Status
6/13/2013
Primary Sponsor
Joan Millman
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AI Summary
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Amends banking law to require the superintendent of the Department of Financial Services to develop guidelines for reporting suspected financial exploitation in consultation with the Office for the Aging, Attorney General, law enforcement, and senior groups.
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Defines financial exploitation as activities prohibited under specified penal law sections including grand larceny, identity theft, and schemes to defraud, or any activity meant to deprive individuals of assets through deceptive or illegal means.
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Guidelines must address warning signs of financial exploitation, timing and recipients of reports, required information in reports, and applicable laws and regulations.
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Provides civil liability immunity to banking institutions, credit unions, investment brokerages, and other entities licensed by the superintendent, as well as their employees, who report suspected financial exploitation in good faith according to the guidelines.
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Takes effect ninety days after becoming law.
Legislative Description
Relates to the report of suspected financial exploitation; requires the superintendent of the department of financial services to develop guidelines relating to reporting suspected financial exploitation; provides that a financial institution who reports suspected financial abuse shall have immunity from any civil or criminal liability as a result.
Last Action
REFERRED TO RULES
6/16/2014