NY S06736

Authorizes banking institutions to refuse or delay single transactions from accounts of vulnerable elderly persons if they reasonably believe financial exploitation has occurred or may occur again.

Requires banking institutions that delay or refuse transactions to notify all authorized account users within five business days and report the incident to social services officials within one business day.

Limits transaction delays or refusals to a maximum of ten business days, or until a court orders disbursement or the institution is satisfied no exploitation will result.

Requires banking institutions to make funds available for essential ongoing expenses such as housing, medical care, rent, mortgage payments, utilities, and emergency expenses regardless of exploitation concerns.

Provides civil and criminal immunity to banking institutions and their employees for good-faith decisions to delay, refuse, or disburse funds under this law, and requires the superintendent to develop a voluntary training program on identifying financial exploitation.