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NY A07087
Bill
Status
4/21/2021
Primary Sponsor
Victor Pichardo
Click for details
AI Summary
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Amends Banking Law by adding Section 9-y to establish reporting requirements for suspected financial exploitation by financial institutions and their employees.
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Defines "financial exploitation" as activities prohibited under Penal Law sections 190.25, 190.26, 190.60, 190.65, 190.78, 190.79, 190.80, 190.80-a, 190.81, 190.82, and 190.83, or other deceptive, manipulative, or illegal means to deprive individuals of assets or property.
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Requires the Superintendent of the Department of Financial Services, in consultation with the Director of the Office for the Aging, Attorney General, financial industry representatives, law enforcement, senior groups, and district attorneys, to develop guidelines addressing warning signs, reporting timeframes, reporting recipients, required information, and applicable laws.
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Grants civil liability immunity to financial institutions and employees who report suspected financial exploitation in good faith and in accordance with the established guidelines.
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Takes effect ninety days after becoming law.
Legislative Description
Relates to the reporting 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 third party who reports suspected financial abuse shall have immunity from any civil or criminal liability as a result.
Last Action
enacting clause stricken
9/15/2021