NY S05707

Banking organizations may refuse to disburse funds from accounts of vulnerable adults, accounts where vulnerable adults are beneficiaries, or accounts of suspected exploiters if there is reasonable belief that financial exploitation has occurred or may occur.

A vulnerable adult is defined as an individual unable to manage their own resources or protect themselves from financial exploitation due to mental or physical impairment.

Banks must make reasonable efforts to notify authorized account parties of a refusal to disburse and must report the incident to the social services official administering adult protective services.

Banks and their employees are granted immunity from criminal, civil, or administrative liability for refusing or disbursing funds, making reports, or providing records to law enforcement or social services officials when acting in good faith.

The refusal to disburse funds terminates when the bank is satisfied exploitation will not result, or when a court of competent jurisdiction orders disbursement; the act takes effect 180 days after becoming law.