NY A05604

Requires certified public accountants, attorneys, tax preparers, and financial institution officers/employees in New York to report suspected financial exploitation of elderly persons (age 60+) to Adult Protective Services immediately by phone and within two working days in writing.

Defines financial exploitation as improper use of an elderly person's funds, property, or resources through fraud, embezzlement, forgery, coerced transfers, or denial of asset access.

Exempts bank tellers from reporting requirements provided they receive training approved by the Office for the Aging on identifying scams and financial exploitation.

Establishes penalties up to $1,000 per violation for willful failure to report suspected financial exploitation, with good faith reporters granted immunity from civil and criminal liability.

Creates a voluntary financial outreach, education, and training program through the Office for the Aging in conjunction with the Office of Children and Family Services and Banking Department to educate financial professionals and institutions about elder financial exploitation, with funding from a newly established Financial Exploitation, Outreach, Education and Training Fund.