NY A02481

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 local 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.

Establishes a voluntary outreach, education and training program through the Office for the Aging in conjunction with the Office of Children and Family Services and Department of Financial Services to educate financial institutions and professionals about identifying and reporting elder financial exploitation.

Creates the Financial Exploitation, Outreach, Education and Training Fund to collect penalties and fees from violations and disburse funds to the Office for the Aging for program implementation.

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