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History
- Referred to banks
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to the report of suspected financial exploitation
In Senate Committee · Rules · Sponsor Joan Millman
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5675
Title of bill
An act to amend the banking law, in relation to reporting of suspected financial exploitation
Purpose or general idea of bill
To encourage voluntary reporting of suspected financial exploitation.
Summary of specific provisions
Creates a new section 9-v of the banking law as follows:
* The Superintendent of the Department of Financial Services would develop guidelines for reporting suspected financial exploitation in consultation with the State Office for the Aging, NYS Attorney General, representatives of the financial services industry, law enforcement, senior groups, and district attorneys; and
* If a report of suspected financial exploitation were to be made in accordance with those guidelines, the individual making the report would be protected from liability resulting from that report.
Justification
Financial exploitation is a large and quickly growing segment of elder abuse. Seniors are not always very savvy with money, and, as their faculties fade, they sometimes become targets for scam artists and undue influence. Financial institutions are often in a prime position to notice changes in behavior or suspicious patterns of withdrawals and investments. Fear of being sued, especially if the abuser is a family member, has been raised as a barrier to voluntary reporting by employees of financial institutions. This bill would protect those who report suspected financial exploitation, but only if the report is made by following guidelines set by the Department of Financial Services.
Prior legislative history
None.
Fiscal implications
To be determined.
Effective date
This act shall take effect on the 90th day.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.