PA SB738

Requires financial institution employees to report suspected financial exploitation of older adults to a designated representative within two business days, who must then review and report to area agencies on aging or law enforcement within five business days if reasonable cause exists

Authorizes financial institutions to place holds on suspicious transactions for up to seven business days, with possible 15-day extensions, including blocking withdrawals, ownership changes, or money transfers from accounts of older adults pending investigation

Grants financial institutions and their employees immunity from civil and criminal liability for good faith reporting, holding transactions, or sharing information related to suspected elder financial exploitation

Imposes penalties of $500-$2,500 on financial institutions that willfully fail to file required reports, and up to $5,000 fines or one year imprisonment for officers who aid in exploitation or retaliate against employees who report

Requires the Department of Aging to develop guidance within 12 months on reporting exclusions and to create a model training program with the Department of Banking and Securities for identifying elder financial exploitation