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NY A08288
Bill
Status
10/6/2021
Primary Sponsor
Patricia Fahy
Click for details
AI Summary
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Adds new section 9-z to banking law requiring the superintendent of the department of financial services to develop guidelines for reporting suspected financial exploitation in consultation with the office for the aging, attorney general, financial services industry representatives, law enforcement, senior groups, and district attorneys
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Defines "financial exploitation" as activity prohibited under specified 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 activity meant to deprive individuals of assets or property by deceptive, manipulative, or illegal means
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Guidelines must address warning signs and evidence of financial exploitation, timing of reports, reporting recipients, information to include in reports, and applicable laws and regulations
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Provides immunity from civil liability for financial institutions and their employees who report suspected financial exploitation in good faith accordance with the guidelines
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Takes effect 90 days after enactment
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
referred to banks
1/5/2022