NY S05658

Amends Banking Law by adding Section 9-y to establish reporting requirements for suspected financial exploitation by financial institutions and their employees.

Defines "financial exploitation" as activity prohibited under specified Penal Law sections (190.25, 190.26, 190.60, 190.65, 190.78-83) or any deceptive, manipulative, or illegal means to deprive individuals of assets or property.

Directs the Superintendent of the Department of Financial Services to develop guidelines in consultation with the Office for the Aging, Attorney General, financial services industry representatives, law enforcement, senior groups, and district attorneys.

Guidelines must address warning signs of financial exploitation, timing and recipients of reports, required information in reports, and applicable laws and regulations.

Provides civil liability immunity to financial institutions and employees who report suspected financial exploitation in good faith accordance with the established guidelines.

Takes effect 90 days after becoming law.