What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
No co-sponsors yet.
History
- Referred to aging
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S6451
Title of bill
An act to amend the social services law and the banking law, in relation to authorizing banking institutions to refuse to disburse moneys in circumstances of the financial exploitation of a vulnerable adult
Purpose
This legislation would authorize a banking organization, upon the reasonable belief of the organization, a social services organiza- tion, or a law enforcement agency, that the financial exploitation of a vulnerable adult has occurred or may occur, to refuse to conduct any transaction that requires the dispersal of moneys in the account of a vulnerable adult or moneys held for the benefit of such adult. This legislation also authorizes a banking organization to provide access to or copies of historical records or recent transactions relevant to suspected financial exploitation of a vulnerable adult to law enforce- ment agencies and social service officials responsible for administering the provisions of this article. The term financial exploitation of an adult is as defined in Social Services Law section 473.
Read the full memo (738 words)
Summary of provisions
Section 1: Amends the Social Services Law 473, relating to the provision of Adult Protective Services. This bill adds a new subdivision 9 to authorize a banking organization, which reasonably believes that the financial exploitation of a vulnerable adult has occurred, to refuse to conduct any transaction that requires the processing of funds of a vulnerable adult. It also allows a social service agency or a law enforcement agency to report a suspected incident of financial exploita- tion to a financial institution. In addition, a banking organization may provide law enforcement agencies and social service officials, responsi- ble for administering the provisions of this article, with access to or copies of historical records or recent transactions relevant to suspected financial exploitation of a vulnerable adult.
A banking organization is not required to refuse to disburse funds pursuant to this act, but if such organization does so based on the reasonable suspicion that financial exploitation may occur or has occurred, or based on the information provided by a social services official or law enforcement agency, then such banking organization shall report the incident to the responsible social services official.
A refusal to disburse moneys pursuant to this section shall terminate upon a finding by the banking institution that disbursement will not result in the financial exploitation of a vulnerable adult, or the issu- ance of a court order directing the disbursal of money.
Section 2: Amends banking Law section 4 to make conforming amendments to this law so that it is consistent with the new provisions provided for in the Social Services Law.
Section 3: Provides for an effective date of 180 days after this act shall become a law.
Justification
Persons over the age of 65 are the fastest growing segment of the American population. While senior citizens constituted only 4% of the total population in 1900, by 1994 the proportion of seniors in the United States had grown to 12.5%. By 2050 almost 25% of all Americans will be over age 65. This dramatic shift in population distribution has produced tremendous upheavals in family structure and in our societal response to the treatment and care of our senior popu- lation. One problem faced by many seniors today is how to care for themselves when their traditional network of support, their children and grandchildren, are occupied with raising their own families and are often spread out over a wide geographic area.
Evidence suggests that there may be a surprisingly high percentage of senior citizens who are, either intentionally or unintentionally, mistreated by family members or institutional caregivers. This maltreat- ment can take many forms, ranging from physical and psychological abuse to neglect to financial abuse and exploitation. The loss of one's financial assets can have a severe and long-term impact on a senior's wellbeing and quality of life.
Encouraging the reporting of suspected financial exploitation of vulner- able adults, and giving financial institutions the ability to freeze an account during an investigation, is an important public policy goal that should be achieved.
This bill provides protections for all vulnerable adults that are protected under the Adult Protective Services Programs as provided for under Social Services Law Article 9-B, which includes all vulnerable adults that are 18 years of age or older.
Legislative history
Passed in the Senate in 2013 (S.5597).
Fiscal implications
None.
Effective date
This act shall take effect on the 180th day after it shall become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.