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NY S07515
Bill
Status
11/10/2021
Primary Sponsor
Rachel May
Click for details
AI Summary
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Requires certified public accountants, attorneys, tax preparers, and financial institution employees in New York to report suspected financial exploitation of elderly persons (75+), vulnerable elderly persons (60+), incompetent/physically disabled persons, or incapacitated persons to adult protective services, the attorney general, and district attorney within two working days.
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Defines "financial exploitation" to include larceny, fraud, forgery, embezzlement, coerced property transfers, unauthorized account changes, and unusual withdrawal patterns from financial institutions or ATMs.
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Mandates that financial institution owners, managers, directors, agents, and employees receive training approved by the office for the aging on identifying scams and financial exploitation.
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Grants financial institutions the right to refuse transactions and place account holds if they reasonably believe financial exploitation is occurring, and provides immunity from civil or criminal liability for good faith reports.
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Establishes a penalty of up to $1,000 per violation for any required person who willfully fails to report suspected financial exploitation after a proceeding with notice and hearing; takes effect 90 days after enactment.
Legislative Description
Requires certain people to report suspected financial exploitation of an elderly, vulnerable elderly, incompetent or physically disabled, or incapacitated person; requires certain people to receive training on identifying scams and other forms of financial exploitation; establishes a fine for willfully failing to report suspected financial exploitation.
Last Action
REFERRED TO AGING
1/5/2022