HB 692 — Financial institutions; reporting financial exploitation of elderly or vulnerable adults.
Last action — Acts of Assembly Chapter text (CHAP0530)
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✓Introduced
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✓In Committee
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✓Passed House of Delegates
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✓Passed Senate
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✓To Executive
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6Enacted
This bill has been enacted into law. Introduced January 09, 2024. Enacted.
Signed by Governor Glenn Youngkin (Republican) on April 05, 2024.
Odds of enactment
High chanceBased on the sponsor, cosponsors, and committee posture, this bill has a high chance of becoming law.
Upgrade to see the exact probability and what's driving it.
A statistical estimate from our own model of past outcomes — an insight, not a guarantee. Policymaking is volatile.
Prognosis
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Enacted
Current position in the legislative process.
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7 sponsors
1 primary, 6 co-sponsors signed on.
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Cleared a recorded vote
Passed 7 recorded votes so far.
Based on stage, sponsorship breadth, committee status, recorded votes, and cross-state momentum — a description of the observable signals, not a prediction.
Summary
Financial institutions; reporting financial exploitation of elderly or vulnerable adults. Permits a financial institution to allow an elderly or vulnerable adult, as defined in the bill, to submit and periodically update a list of trusted persons whom such financial institution or financial institution staff, as defined in the bill, may contact in the case of the suspected financial exploitation of such adult. The bill also permits a financial institution to conduct a training to instruct its staff on how to identify and report the suspected financial exploitation of an elderly or vulnerable adult internally at such financial institution, to a designated trusted contact, and to various other authorities. The bill directs the Bureau of Financial Institutions of the State Corporation Commission to develop and publish guidelines for such training by January 1, 2026. The bill provides that no financial institution staff that have received such training shall be liable in any civil or administrative proceeding for disclosing the suspected financial exploitation of an elderly or vulnerable adult pursuant to the bill's provisions if such disclosure was made in good faith and with reasonable care. The bill provides that no financial institution that has provided such training shall be liable for any such disclosure by financial institution staff. This bill is identical to SB 174.
Bill Text
What changed in the latest version
88 added · 87 removedPlain-language change summary
The revised bill adds essential provisions that enhance the protection of elderly and vulnerable adults from financial exploitation. First, it expands the definition of "financial institution staff" to include employees from investment firms and insurance companies, allowing for broader oversight. Additionally, it allows financial institutions to maintain a trusted contact list, enabling them to notify designated individuals if they suspect exploitation, which could help prevent further financial harm. These changes matter because they strengthen safeguards against financial abuse, promoting the well-being of at-risk individuals.
SESSION ENROLLED REPRINT VIRGINIA ACTS OF ASSEMBLY ––-- 2024 SESSION CHAPTER E530 An Act to amend the Code of Virginia by adding a section numbered 6.2-103.2, relating to financial institutions;
R O [H 692] Approved LApril L5, 2024 Be it enacted by the General Assembly of Virginia:
E § 6.2-103.2.
DA. "Elderly or vulnerable adult" has the same meaning as provided for "adult" in § 63.2-1603.
"FinancialAs exploitation"used and "financial institution staff" have the same meanings as provided for those terms in § 63.2-1603, except that for the purposes of this section, "financialunless institutionthe staff"context shallrequires nota includedifferent anmeaning: employee, agent, qualified individual, or representative of an investment company, investment advisor, securities firm, accounting firm, or insurance company.
B."Elderly or vulnerable adult" has the same meaning as provided for "adult" in § 63.2-1603.
"Financial exploitation" and "financial institution staff" have the same meanings as provided for those terms in § 63.2-1603, except that for the purposes of this section, "financial institution staff" shall investment advisor, securities firm, accounting firm, or insurance company.an investment company, B.
A financial institution may offer to an elderly or vulnerable adult the opportunity to submit and update a list of trusted persons that such elderly or vulnerable adult authorizes the financialHinstitutionfinancial institution or financial institution staff to contact when such financial institution or financial institut6oninstitution staff has exploitation.usereasonable cause to suspect that such elderly or vulnerable adult is a victim or target of fina2cialfinancial 2.exploitation.
2.
associatedc. with an elderly or vulnerable adult, including a family member, except that a financialy institution shall only contact such reasonably associated person if (i) such financial institution is unable to contact any of the other permitted recipients listed in this subdivision and (ii) the elderly or vulnerable adult is unable to designate a trusted contact;
Any person known by the financial institution or financial institution staff to be reasonably associated with an elderly or vulnerable adult, including a family member, except that a financial institution shall only contact such reasonably associated person if (i) such financial institution is unable to contact any of the other permitted recipients listed in this subdivision and (ii) the elderly or vulnerable adult is unable to designate a trusted contact;
When providing information under this subsection, a financial institution or financial institution staff may limit the information provided and disclose only that there is reasonable cause to suspect that the elderly or vulnerable adult may be a victim or target of financial exploitation without disclosing any oth4.other details or confidential, personal, or financial information.
4.
A financial institution or third party selected by a financial institution may provide training relating to identifying and reporting the suspected financial exploitation of an elderly or vulnerable adult as described in subdivision 2 to financial institution staff who may (i) come into contact with elderly or vulnerable adults in the course of employment or (ii) review the financial documents, records, elderly or vulnerabletransactions adult.yof an elderly or vulnerable adult in connection with providing financial services to such 2.elderly or vulnerable adult.
2.
Instruct individuals attending such training on how to identify the suspected financial exploitation of an elderly or vulnerable adult, including common signs of financial exploitation, and how to report such suspected financial exploitation internally at such financial institution, to a designated trusted contact, and to the Federal Bureau of Investigation (FBI), the local department of social services of the of 2 county or city wherein such elderly or vulnerable adult resides or where such suspected financial exploitation occurs, the adult protective services hotline, and local law-enforcement authorities;
of 2 c.
That the Bureau of Financial Institutions of the State Corporation Commission shall develop guidelines for financial institutions to provide trainings in accordance with the provisions of subdivision C 1 of § 6.2-103.2,6.2-103.2 of the Code of Virginia, as created by this act, and shall publish such guidelines by January 1, 2026.
View plain text versions (4)
- CHAP0530 View text Current pdf April 05, 2024
- HB692ER View text pdf February 29, 2024
- Committee Substitute Committee substitute printed 24105750D-H1 pdf January 25, 2024
- Prefiled Prefiled and ordered printed; offered 01/10/24 24104983D pdf January 09, 2024
Action History
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Acts of Assembly Chapter text (CHAP0530)
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Approved by Governor-Chapter 530 (effective 7/1/24)
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Governor's Action Deadline 11:59 p.m., April 8, 2024
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Enrolled Bill communicated to Governor on March 11, 2024
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Impact statement from SCC (HB692ER)
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Signed by President
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Signed by Speaker
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Bill text as passed House and Senate reprinted (HB692ER)
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Bill text as passed House and Senate (HB692ER)
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Enrolled
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VOTE: Adoption (96-Y 0-N)
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Senate amendments agreed to by House (96-Y 0-N)
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Passed Senate with amendments (40-Y 0-N)
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Engrossed by Senate as amended
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Amendment by Senator Favola agreed to
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Reading of amendment waived
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Committee amendment agreed to
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Reading of amendment waived
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Read third time
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Constitutional reading dispensed (40-Y 0-N)
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Reported from Commerce and Labor with amendment (15-Y 0-N)
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Senate committee, floor amendments and substitutes offered
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Impact statement from SCC (HB692H1)
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Referred to Committee on Commerce and Labor
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Constitutional reading dispensed
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VOTE: Block Vote Passage (100-Y 0-N)
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Read third time and passed House BLOCK VOTE (100-Y 0-N)
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Engrossed by House - committee substitute HB692H1
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Committee substitute agreed to 24105750D-H1
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Read second time
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Read first time
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Committee substitute printed 24105750D-H1
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Reported from Labor and Commerce with substitute (21-Y 0-N)
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Subcommittee recommends reporting with substitute (7-Y 0-N)
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House subcommittee amendments and substitutes offered
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Assigned L & C sub: Subcommittee #1
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Referred to Committee on Labor and Commerce
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Prefiled and ordered printed; offered 01/10/24 24104983D
Sponsors
- Irene Shin · Cosponsor
- Jr. Rozia A. Henson · Cosponsor
- Karen Keys-Gamarra · Cosponsor
- Adele Y. McClure · Cosponsor
- Marcia S. "Cia" Price · Cosponsor
- Vivian E. Watts · Cosponsor
- Michelle Lopes Maldonado · Primary
Sponsorship breakdown
Export CSV (upgrade) →1 sponsors · 6 co-sponsors · 141 not signed on
"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Votes
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 95 | 0 | 0 | 4 |
| Total | 95 | 0 | 0 | 4 |
| % of votes cast | 96% | 0% | 0% | 4% |
How each member voted (99)
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 40 | 0 | 0 | 0 |
| Total | 40 | 0 | 0 | 0 |
| % of votes cast | 100% | 0% | 0% | 0% |
How each member voted (40)
| Member | Party | Vote |
|---|---|---|
| Aaron R. Rouse | — | Yea |
| Angelia Williams Graves | — | Yea |
| Barbara A. Favola | — | Yea |
| Bill DeSteph | — | Yea |
| Bryce E. Reeves | — | Yea |
| Carroll Foy, Jennifer D. | — | Yea |
| Christie New Craig | — | Yea |
| Christopher T. Head | — | Yea |
| Danica A. Roem | — | Yea |
| David R. Suetterlein | — | Yea |
| David W. Marsden | — | Yea |
| Ebbin, Adam P. | — | Yea |
| Emily M. Jordan | — | Yea |
| Glen H. Sturtevant, Jr. | — | Yea |
| Hashmi, Ghazala F. | — | Yea |
| J.D. "Danny" Diggs | — | Yea |
| Jennifer B. Boysko | — | Yea |
| Jeremy S. McPike | — | Yea |
| L. Louise Lucas | — | Yea |
| Lamont Bagby | — | Yea |
| Lashrecse D. Aird | — | Yea |
| Mamie E. Locke | — | Yea |
| Mark D. Obenshain | — | Yea |
| Mark J. Peake | — | Yea |
| McGuire, John J., III | — | Yea |
| R. Creigh Deeds | — | Yea |
| Richard H. Stuart | — | Yea |
| Russet Perry | — | Yea |
| Ryan T. McDougle | — | Yea |
| Saddam Azlan Salim | — | Yea |
| Schuyler T. VanValkenburg | — | Yea |
| Scott A. Surovell | — | Yea |
| Stella G. Pekarsky | — | Yea |
| Subramanyam, Suhas | — | Yea |
| T. Travis Hackworth | — | Yea |
| Tammy Brankley Mulchi | — | Yea |
| Tara A. Durant | — | Yea |
| Timmy French | — | Yea |
| Todd E. Pillion | — | Yea |
| William M. Stanley, Jr. | — | Yea |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 40 | 0 | 0 | 0 |
| Total | 40 | 0 | 0 | 0 |
| % of votes cast | 100% | 0% | 0% | 0% |
How each member voted (40)
| Member | Party | Vote |
|---|---|---|
| Aaron R. Rouse | — | Yea |
| Angelia Williams Graves | — | Yea |
| Barbara A. Favola | — | Yea |
| Bill DeSteph | — | Yea |
| Bryce E. Reeves | — | Yea |
| Carroll Foy, Jennifer D. | — | Yea |
| Christie New Craig | — | Yea |
| Christopher T. Head | — | Yea |
| Danica A. Roem | — | Yea |
| David R. Suetterlein | — | Yea |
| David W. Marsden | — | Yea |
| Ebbin, Adam P. | — | Yea |
| Emily M. Jordan | — | Yea |
| Glen H. Sturtevant, Jr. | — | Yea |
| Hashmi, Ghazala F. | — | Yea |
| J.D. "Danny" Diggs | — | Yea |
| Jennifer B. Boysko | — | Yea |
| Jeremy S. McPike | — | Yea |
| L. Louise Lucas | — | Yea |
| Lamont Bagby | — | Yea |
| Lashrecse D. Aird | — | Yea |
| Mamie E. Locke | — | Yea |
| Mark D. Obenshain | — | Yea |
| Mark J. Peake | — | Yea |
| McGuire, John J., III | — | Yea |
| R. Creigh Deeds | — | Yea |
| Richard H. Stuart | — | Yea |
| Russet Perry | — | Yea |
| Ryan T. McDougle | — | Yea |
| Saddam Azlan Salim | — | Yea |
| Schuyler T. VanValkenburg | — | Yea |
| Scott A. Surovell | — | Yea |
| Stella G. Pekarsky | — | Yea |
| Subramanyam, Suhas | — | Yea |
| T. Travis Hackworth | — | Yea |
| Tammy Brankley Mulchi | — | Yea |
| Tara A. Durant | — | Yea |
| Timmy French | — | Yea |
| Todd E. Pillion | — | Yea |
| William M. Stanley, Jr. | — | Yea |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 15 | 0 | 0 | 0 |
| Total | 15 | 0 | 0 | 0 |
| % of votes cast | 100% | 0% | 0% | 0% |
How each member voted (15)
| Member | Party | Vote |
|---|---|---|
| Aaron R. Rouse | — | Yea |
| Bill DeSteph | — | Yea |
| Bryce E. Reeves | — | Yea |
| David W. Marsden | — | Yea |
| Ebbin, Adam P. | — | Yea |
| Jeremy S. McPike | — | Yea |
| L. Louise Lucas | — | Yea |
| Lamont Bagby | — | Yea |
| Mamie E. Locke | — | Yea |
| Mark D. Obenshain | — | Yea |
| Mark J. Peake | — | Yea |
| R. Creigh Deeds | — | Yea |
| Ryan T. McDougle | — | Yea |
| Scott A. Surovell | — | Yea |
| William M. Stanley, Jr. | — | Yea |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 99 | 0 | 0 | 0 |
| Total | 99 | 0 | 0 | 0 |
| % of votes cast | 100% | 0% | 0% | 0% |
How each member voted (99)
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 21 | 0 | 0 | 1 |
| Total | 21 | 0 | 0 | 1 |
| % of votes cast | 95% | 0% | 0% | 5% |
How each member voted (22)
| Member | Party | Vote |
|---|---|---|
| Alfonso H. Lopez | — | Yea |
| Charniele L. Herring | — | Yea |
| Chris S. Runion | — | Yea |
| Convirs-Fowler, Kelly K. | — | Yea |
| Dan I. Helmer | — | Yea |
| Gilbert, C. Todd | — | Yea |
| Irene Shin | — | Yea |
| Israel D. O'Quinn | — | Yea |
| Jason S. Ballard | — | Yea |
| Jeion A. Ward | — | Not Voting |
| Joseph P. McNamara | — | Yea |
| LeVere Bolling, Destiny | — | Yea |
| Maldonado, Michelle Lopes | — | Yea |
| Marshall, Daniel W., III | — | Yea |
| Michael B. Feggans | — | Yea |
| Michael J. Jones | — | Yea |
| Michael J. Webert | — | Yea |
| Mundon King, Candi | — | Yea |
| Richard C. "Rip" Sullivan, Jr. | — | Yea |
| Terry G. Kilgore | — | Yea |
| Tony O. Wilt | — | Yea |
| Wren M. Williams | — | Yea |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 7 | 0 | 0 | 1 |
| Total | 7 | 0 | 0 | 1 |
| % of votes cast | 88% | 0% | 0% | 13% |
How each member voted (8)
| Member | Party | Vote |
|---|---|---|
| Irene Shin | — | Yea |
| Jeion A. Ward | — | Not Voting |
| Joseph P. McNamara | — | Yea |
| LeVere Bolling, Destiny | — | Yea |
| Maldonado, Michelle Lopes | — | Yea |
| Richard C. "Rip" Sullivan, Jr. | — | Yea |
| Terry G. Kilgore | — | Yea |
| Tony O. Wilt | — | Yea |
Subjects
Frequently asked questions
- What does HB 692 do?
- Financial institutions; reporting financial exploitation of elderly or vulnerable adults. Permits a financial institution to allow an elderly or vulnerable adult, as defined in the bill, to submit and periodically update a list of trusted persons whom such financial institution or financial institution staff, as defined in the bill, may contact in the case of the suspected financial exploitation of such adult. The bill also permits a financial institution to conduct a training to instruct its staff on how to identify and report the suspected financial exploitation of an elderly or vulnerable adult internally at such financial institution, to a designated trusted contact, and to various other authorities. The bill directs the Bureau of Financial Institutions of the State Corporation Commission to develop and publish guidelines for such training by January 1, 2026. The bill provides that no financial institution staff that have received such training shall be liable in any civil or administrative proceeding for disclosing the suspected financial exploitation of an elderly or vulnerable adult pursuant to the bill's provisions if such disclosure was made in good faith and with reasonable care. The bill provides that no financial institution that has provided such training shall be liable for any such disclosure by financial institution staff. This bill is identical to SB 174.
- Who sponsors HB 692?
- HB 692 is sponsored by Irene Shin, Rozia A. Henson, Jr., Karen Keys-Gamarra, Adele Y. McClure, Marcia S. "Cia" Price, Vivian E. Watts, and Michelle Lopes Maldonado.
- What is the current status of HB 692?
- This bill has been enacted into law. Introduced January 09, 2024. Enacted.
- Where can I track HB 692?
- Track HB 692 free on One Click Politics — get push/email alerts when it moves.
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