SB 628 — Relating to: financial exploitation of vulnerable adults.

- 2024 LEGISLATURE LRBs0304/1LRB-4952/1 ARG:skwARG:amn SENATE SUBSTITUTEBILL AMENDMENT628 1,November TO7, SENATE2023 BILL- 628Introduced Februaryby 15,Senators 2024Q -UINN, OfferedTESTIN and M ARKLEIN , cosponsored by SenatorRepresentatives O 'CONNOR , MACCO , KATSMA, A RMSTRONG , D ONOVAN, N EDWESKI, S TAFSHOLTTEFFEN, C ALLAHAN, M AGNAFICI, ROZAR , M ELOTIK, W ITTKE, MAXEY, PENTERMAN , BEHNKE , RETTINGER, MURSAU , BARE, EDMING , SUBECK and JOERS .

Referred to Committee on Financial Institutions and Sporting Heritage.

Analysis by the Legislative Reference Bureau This bill providesallows a process for a financial service providerproviders to createrefuse aor listdelay offinancial personstransactions thatwhen a vulnerable adult authorizes to be contacted if the financial serviceexploitation providerof reasonablya suspects that the vulnerable adult is asuspected. victim of financial exploitation.

The bill also authorizes the financial service providerproviders to conveytake itscertain suspicionsother ofactions financial exploitation to theprevent personsor ondetect thisfinancial listexploitation andof certainvulnerable otheradults. persons.

TheUnder billcurrent defineslaw, aupon “financialreceiving servicea provider”report toof includealleged abuse, financial institutionsexploitation, charteredneglect, inor thisself-neglect stateof asany wellperson asage such60 otheror state-licensedolder who has experienced, is experiencing, or is at risk of experiencing abuse, neglect, self-neglect, or financial servicesexploitation providers(an aselder mortgageadult bankersat andrisk), brokers,the otherelder-adult-at-risk typesagency ofin lenders,a andcounty checkmust cashingrespond services.by investigating or must refer the report to another agency for investigation.

ASimilarly, “vulnerablehaving adult”reason isto believe that an adult who is at least 65 years of age or who has a physical or mental condition that substantially impairs his or her ability to care for his or her needs and who has experienced, is experiencing, or is at risk of experiencing abuse, neglect, self-neglect, or financial exploitation.exploitation (an adult at risk) is the subject of abuse, financial exploitation, neglect, or self-neglect, the adult-at-risk agency in a county may respond by investigating to determine whether the adult at risk is in need of protective services.

- 2024 Legislature - 2 - LRB-4952/1 ARG:amn SENATE BILL 628 Under thethis bill, if a financial service provider actingreasonably insuspects goodthat faithfinancial exploitation of an adult at risk or an individual who is immune65 fromyears criminal,of civil,age andor administrativeolder liability(together, forvulnerable contactingadult) ahas personoccurred or notbeen contactingattempted, LRBs0304/1the -financial 2024service Legislatureprovider -may, 2but -is ARG:skwnot arequired personto, torefuse conveyor delay a suspicionfinancial transaction on an account of financialthe exploitationvulnerable andadult foror anyon actionwhich takenthe invulnerable furtheranceadult is a beneficiary or on an account of itsa reasonableperson suspicionsuspected of perpetrating financial exploitation.

The definition of “financial service provider” under the bill includes financial institutions, mortgage bankers and brokers, other types of lenders, and check cashing services.

In addition, a financial service provider may, but is not required to, refuse or delay a financial transaction if an elder-adult-at-risk agency, adult-at-risk agency, or law enforcement agency provides information to the financial service provider that financial exploitation of a vulnerable adult may have occurred or been attempted.

The bill requires certain notice if a financial service provider refuses or delays a financial transaction under these circumstances and establishes certain time limits applicable to the refusal or delay of the financial transaction.

In addition, the bill allows a financial service provider to refuse to accept a power of attorney of a vulnerable adult if the financial service provider reasonably suspects that the vulnerable adult may be the victim of financial exploitation.

The bill also provides a process for a financial service provider to create a list of persons that a vulnerable adult authorizes to be contacted if the financial service provider reasonably suspects that the vulnerable adult is a victim of financial exploitation and authorizes the financial service provider to convey its suspicions of financial exploitation to certain persons, including persons on this list.

Under the bill, a financial service provider is immune from criminal, civil, and administrative liability for all of the following:

1) refusing or not refusing, or delaying or not delaying, a financial transaction;

2) refusing to accept or accepting a power of attorney;

3) contacting a person or not contacting a person to convey a suspicion of financial exploitation;

and 4) any action based on a reasonable determination related to the preceding items 1 to 3.

(1) D EFINITIONS.InEFINITIONS. this section:

(a)In “Account”this meanssection: funds or assets held by a financial service provider, including a deposit account, savings account, share account, certificate of deposit, trust account, guardianship or conservatorship account, or retirement account, and also including an account associated with a loan or other extension of credit.

(b)(a) “Financial“Account” exploitation”means hasfunds theor meaningassets givenheld inby s.a financial service provider, including a deposit account, savings account, share account, certificate of deposit, LRB-4952/1 - 2024 Legislature - 3 - ARG:amn SECTION 1 SENATE BILL 628 trust account, guardianship or conservatorship account, or retirement account, and also including an account associated with a loan or other extension of credit.

(b) “Adult at risk” has the meaning given in s.

55.01 (1e).

(c) “Adult-at-risk agency” has the meaning given in s.

55.01 (1f).

(d) “Elder-adult-at-risk agency” has the meaning given in s.

46.90 (1) (bt).

(e) “Financial exploitation” has the meaning given in s.

(c)(f) “Financial institution” meanshas a bank, savings bank, savings and loan association, trust company, or credit union chartered under the lawsmeaning ofgiven thisin state.s.

(d)214.01 “Financial(1) service(jn). provider” means any of the following engaged in or transacting business in this state:

(g) “Financial service provider” means any of the following engaged in or transacting business in this state:

LRBs0304/1 - 2024 Legislature - 3 - ARG:skw SECTION 1 9.

(e)(h) “Vulnerable“Financial adult”transaction" means anany adultof atthe risk,following as definedapplicable into s.the business of, or services provided by, a financial service provider:

55.011. (1e), or an individual who is at least 65 years of age.

(2)A LISTtransfer OFor AUTHORIZEDdisbursement CONTACTS.of, or request to transfer or disburse, funds or assets in an account.

(a)2. A financial service provider may offer to a vulnerable adult the opportunity to submit and periodically update a list of persons that the vulnerable adult authorizes the financial service provider to contact when the financial service provider has reasonable cause to suspect that the vulnerable adult is a victim or a target of financial exploitation.

A request to initiate a wire transfer, initiate an automated clearinghouse transfer, or issue a money order, cashier's check, or teller's check.

- 2024 Legislature - 4 - LRB-4952/1 ARG:amn SENATE BILL 628 S ECTION 1 3.

A request to negotiate a check or other negotiable instrument.

4.

A request to change the ownership of an account.