What's happening
This bill requires New York banking institutions to follow new guidelines for reporting suspected financial exploitation and provides civil immunity for good faith reporting.
Why it matters
Promotes proactive detection and prevention of elder and vulnerable adult financial abuse. by requiring New York banking institutions to follow clear, standardized guidelines for spotting and reporting suspicious activity, closing loopholes that previously left some cases unnoticed or unaddressed.
Mandates specialized training for bank employees, including disability literacy. , which aims to improve frontline staff’s ability to recognize abuse in diverse populations, potentially reducing harm to seniors and people with disabilities.
Requires the creation of educational materials for customers. , empowering individuals to recognize financial exploitation and understand how to seek help, which could lead to increased self-advocacy and earlier intervention.
Balances consumer protection with legal safeguards for banks and employees. by granting civil immunity for good faith reporting, encouraging institutions to act without fear of legal repercussions, and thus increasing the likelihood of detecting and stopping exploitation.
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Who cares
Headline styles
Report Suspected Financial Abuse
Plain English, a few words. Used as the page title.
Sponsors
18 Co-sponsors
1 Multi-sponsor
History
- Referred to banks
- Delivered to senate
- Passed assembly
- Ordered to third reading cal.457
- Returned to assembly
- Died in senate
- Referred to rules
- Delivered to senate
- Passed assembly
- Ordered to third reading rules cal.538
- Rules report cal.538
- Reported
Show 4 earlier actions
- Reported referred to rules
- Reported referred to ways and means
- Reported referred to codes
- Referred to aging
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.
Report Financial Exploitation Suspicions
In Senate Committee · Banks · Sponsor Luis R. Sepúlveda
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
6395
2017-2018 Regular Sessions
IN ASSEMBLY
March 6, 2017
Introduced by M. of A. LUPARDO -- read once and referred to the Committee on Aging
AN ACT to amend the banking law, in relation to reporting of suspected financial exploitation
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. The banking law is amended by adding a new section 9-x to read as follows:
§ 9-x. Reporting of suspected financial exploitation. 1. For purposes of this section, the following terms shall have the following meanings:
(a) "financial exploitation" shall mean activity prohibited pursuant to sections 190.25, 190.26, 190.60, 190.65, 190.78, 190.79, 190.80, 190.80-a, 190.81, 190.82, and 190.83 of the penal law or activity meant to deprive an individual of assets or property by deceptive, manipulative, or other illegal means.
(b) "banking institution" shall have the same meaning as in paragraph (b) of subdivision three of section nine-f of this chapter.
(c) "superintendent" shall mean the superintendent of the department of financial services.
2. The superintendent, in consultation with the director of the office for the aging, the attorney general, representatives of the financial services industry, law enforcement, senior groups, disability groups, and district attorneys, shall develop guidelines relating to reporting suspected financial exploitation. Such guidelines shall include, but not be limited to:
(a) the types of warning signs and evidence that would be acceptable indicators of financial exploitation;
(b) when suspected financial exploitation should be reported;
(c) to whom suspected financial exploitation should be reported;
(d) information that should be included in a report of suspected financial abuse; and
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD07199-01-7
A. 6395 2
(e) the applicable laws, rules and regulations that must be followed while reporting suspected financial abuse.
3. The superintendent, in consultation with the director of the office for the aging, the attorney general, representatives of the financial services industry, law enforcement, senior groups, disability groups and district attorneys, shall develop (i) training for bank employees concerning the guidelines developed pursuant to subdivision two of this section that shall include disability literacy training; and (ii) a brochure educating bank customers regarding the reporting of financial exploitation and how to report that they are being exploited.
4. A banking institution located or doing business in this state or an employee thereof who, acting reasonably and in good faith in accordance with these guidelines, reports suspected financial abuse shall have immunity from any civil liability that might otherwise result by reason of such actions.
5. The superintendent is directed to promulgate any rules or regulations necessary to carry out the provisions of this section.
§ 2. This act shall take effect on the ninetieth day after it shall have become a law.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.