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NY S06150
Bill
Status
6/9/2025
Primary Sponsor
Kevin Parker
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AI Summary
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Requires the Superintendent of Financial Services, in consultation with the Office for the Aging, Attorney General, financial industry representatives, law enforcement, senior groups, and district attorneys, to develop guidelines for reporting suspected financial exploitation
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Defines financial exploitation as activity violating specific penal law sections (fraud, larceny, identity theft) or any deceptive, manipulative, or illegal means to deprive individuals of assets or property
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Guidelines must address warning signs of exploitation, when and to whom reports should be made, required information in reports, and applicable laws and regulations for reporting
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Grants civil liability immunity to financial institutions and their employees who report suspected financial abuse in good faith and in accordance with the guidelines
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Takes effect 90 days after becoming law
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
1/7/2026