Relates to the elderly abuse education and outreach program

BILL NUMBER:S6051

Title of bill

An act to amend the elder law, in relation to the elderly abuse education and outreach program

Purpose

To ensure that the existing elderly abuse education and outreach program within the state Office for the Aging includes education and outreach devoted to the prevention of financial exploitation.

Summary of provisions

Section 1 amends the elder law by adding a definition of "financial institution and the definition of "financial exploitation currently defined in the social services law. In addition, this section requires the director to include within the program a financial outreach, education, and training program for CPAs, attorneys, tax preparers, and financial institutions, so that such entities can spot and possibly prevent instances of financial exploitation against the elderly.

Justification

Financial exploitation and abuse among older adults is a serious and growing problem. While anyone can become a victim of financial exploitation, older adults are especially vulnerable. Nationwide, it is estimated that $40 billion is lost annually through scams, theft and stolen property. unfortunately, age and disability often require that relatives, friends and others are solicited to help manage finances and thus are given easy access to their assets. Perceptions of physical and mental limitations often make financial abuse easy and low risk.

This legislation ensures that the current elderly abuse education and outreach program includes a financial exploitation component for those working with financial information and to help the public understand and identify possible abuse.

Legislative history

2007-08 A.3765A (similar legislation) Referred to codes 2009-10 A.3886 (similar legislation) Referred to banks 2010-11 A.4541 (similar legislation) Referred to banks

Fiscal implications

None.

Effective date

The act shall take effect 120 days after it becomes law.