NY A07019

Allows broker-dealers, investment advisers, and banking institutions to place transaction holds for up to 15 business days (extendable by 40 additional days) when they reasonably believe financial exploitation of an eligible adult is occurring or has been attempted

Defines "eligible adult" as individuals 60 years or older, or adults 18+ who due to mental or physical impairment cannot manage their own resources or protect themselves from financial exploitation

Requires financial institutions to notify adult protective services and/or law enforcement within two business days of placing a transaction hold and provide relevant records within three business days upon request

Mandates that financial institutions develop employee training programs on recognizing financial exploitation and maintain written procedures for internal review of suspected exploitation cases

Grants civil and administrative immunity to financial institutions and their employees for good-faith actions taken under these provisions, including placing transaction holds and reporting suspected exploitation