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NY A04177
Bill
Status
2/10/2023
Primary Sponsor
Pamela Hunter
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AI Summary
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Amends the Banking Law to require the superintendent of the department of financial services to develop guidelines for reporting suspected financial exploitation in consultation with the director of 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" to include activities 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.
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Guidelines must address warning signs of financial exploitation, timing of reports, reporting recipients, required report information, and applicable laws and regulations.
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Provides immunity from civil liability to financial institutions and their employees who report suspected financial exploitation in good faith and in accordance with the developed 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 codes
1/3/2024