Virginia 2024 Regular Session Status: Enacted

HB 692 — Financial institutions; reporting financial exploitation of elderly or vulnerable adults.

Last action — Acts of Assembly Chapter text (CHAP0530)

  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed House of Delegates
  4. ✓
    Passed Senate
  5. ✓
    To Executive
  6. 6
    Enacted

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 chance

Based 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

Likely to advance 80% · moderate confidence
  • Enacted

    Current position in the legislative process.

  • 7 sponsors

    1 primary, 6 co-sponsors signed on.

  • 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 removed

Plain-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.

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Previous
Latest
SESSION ENROLLED REPRINT VIRGINIA ACTS OF ASSEMBLY –– CHAPTER E An Act to amend the Code of Virginia by adding a section numbered 6.2-103.2, relating to financial institutions;
VIRGINIA ACTS OF ASSEMBLY -- 2024 SESSION CHAPTER 530 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 L L Be it enacted by the General Assembly of Virginia:
[H 692] Approved April 5, 2024 Be it enacted by the General Assembly of Virginia:
E § 6.2-103.2.
§ 6.2-103.2.
D "Elderly or vulnerable adult" has the same meaning as provided for "adult" in § 63.2-1603.
A.
"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 not include an employee, agent, qualified individual, or representative of an investment company, investment advisor, securities firm, accounting firm, or insurance company.
As used in this section, unless the context requires a different meaning:
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 financialHinstitution or financial institution staff to contact when such financial institution or financial institut6on staff has exploitation.use to suspect that such elderly or vulnerable adult is a victim or target of fina2cial 2.
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 financial institution or financial institution staff to contact when such financial institution or financial institution staff has reasonable cause to suspect that such elderly or vulnerable adult is a victim or target of financial exploitation.
2.
associated 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;
c.
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.
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 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 vulnerable adult.y or vulnerable adult in connection with providing financial services to such 2.
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, or transactions of an elderly or vulnerable adult in connection with providing financial services to such elderly or vulnerable adult.
2.
Instruct individuals attending such training on how to identify the suspected financial exploitation 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;
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 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;
c.
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, as created by this act, and shall publish such guidelines by January 1, 2026.
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 of the Code of Virginia, as created by this act, and shall publish such guidelines by January 1, 2026.
View plain text versions (4)

Action History

  1. Acts of Assembly Chapter text (CHAP0530)

  2. Approved by Governor-Chapter 530 (effective 7/1/24)

  3. Governor's Action Deadline 11:59 p.m., April 8, 2024

  4. Enrolled Bill communicated to Governor on March 11, 2024

  5. Impact statement from SCC (HB692ER)

  6. Signed by President

  7. Signed by Speaker

  8. Bill text as passed House and Senate reprinted (HB692ER)

  9. Bill text as passed House and Senate (HB692ER)

  10. Enrolled

  11. VOTE: Adoption (96-Y 0-N)

  12. Senate amendments agreed to by House (96-Y 0-N)

  13. Passed Senate with amendments (40-Y 0-N)

  14. Engrossed by Senate as amended

  15. Amendment by Senator Favola agreed to

  16. Reading of amendment waived

  17. Committee amendment agreed to

  18. Reading of amendment waived

  19. Read third time

  20. Constitutional reading dispensed (40-Y 0-N)

  21. Reported from Commerce and Labor with amendment (15-Y 0-N)

  22. Senate committee, floor amendments and substitutes offered

  23. Impact statement from SCC (HB692H1)

  24. Referred to Committee on Commerce and Labor

  25. Constitutional reading dispensed

  26. VOTE: Block Vote Passage (100-Y 0-N)

  27. Read third time and passed House BLOCK VOTE (100-Y 0-N)

  28. Engrossed by House - committee substitute HB692H1

  29. Committee substitute agreed to 24105750D-H1

  30. Read second time

  31. Read first time

  32. Committee substitute printed 24105750D-H1

  33. Reported from Labor and Commerce with substitute (21-Y 0-N)

  34. Subcommittee recommends reporting with substitute (7-Y 0-N)

  35. House subcommittee amendments and substitutes offered

  36. Assigned L & C sub: Subcommittee #1

  37. Referred to Committee on Labor and Commerce

  38. Prefiled and ordered printed; offered 01/10/24 24104983D

Sponsors

Sponsorship breakdown

Export CSV (upgrade) →

1 sponsors · 6 co-sponsors · 141 not signed on

Not signed on (141)

141 members have not signed on to this bill.

Show all 141 →

"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.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

VOTE: Adoption (96-Y 0-N)

Passed 95 Yea · 0 Nay · 4 Other
Party YeaNayPresentNot Voting
Unaffiliated 95004
Total 95004
% of votes cast 96%0%0%4%
How each member voted (99)
Member Party Vote
Adele Y. McClure — Yea
Alex Q. Askew — Yea
Alfonso H. Lopez — Yea
Amy J. Laufer — Yea
Anne Ferrell Tata — Yea
Arnold, Jonathan, E. P. — Yea
Atoosa R. Reaser — Yea
Batten, Amanda E. — Yea
Betsy B. Carr — Yea
Bill Wiley — Yea
Bonita G. Anthony — Yea
Briana D. Sewell — Yea
Bulova, David L. — Yea
C.E. Cliff Hayes, Jr. — Yea
Charniele L. Herring — Yea
Chris S. Runion — Yea
Convirs-Fowler, Kelly K. — Yea
Cordoza, A.C. — Yea
Coyner, Carrie E. — Yea
Dan I. Helmer — Yea
David A. Reid — Yea
Debra D. Gardner — Yea
Delores L. McQuinn — Yea
Delores Oates — Not Voting
Earley, Mark L., Jr. — Yea
Elizabeth B. Bennett-Parker — Yea
Ellen H. McLaughlin — Yea
Ennis, N. Baxter — Not Voting
Eric Phillips — Yea
Eric R. Zehr — Yea
Fowler, Hyland F."Buddy," Jr. — Yea
Freitas, Nicholas J. — Yea
Gilbert, C. Todd — Yea
Green, W. Chad — Yea
H. Otto Wachsmann, Jr. — Yea
Higgins, Geary — Yea
Holly M. Seibold — Yea
Irene Shin — Not Voting
Israel D. O'Quinn — Yea
Jackie H. Glass — Yea
James A. "Jay" Leftwich — Yea
James W. Morefield — Yea
Jason S. Ballard — Yea
Jeion A. Ward — Yea
Joseph P. McNamara — Yea
Joshua E. Thomas — Yea
Joshua G. Cole — Yea
Kannan Srinivasan — Yea
Karen Keys-Gamarra — Yea
Karrie K. Delaney — Yea
Kathy K.L. Tran — Yea
Katrina Callsen — Yea
Kent, Hillary Pugh — Yea
Knight, Barry D. — Yea
Laura Jane Cohen — Yea
LeVere Bolling, Destiny — Yea
Lovejoy, Ian T. — Yea
Luke E. Torian — Yea
M. Keith Hodges — Yea
Maldonado, Michelle Lopes — Yea
Marcia S. "Cia" Price — Yea
Marcus B. Simon — Yea
Marshall, Daniel W., III — Yea
Marty Martinez — Yea
Michael B. Feggans — Yea
Michael J. Jones — Yea
Michael J. Webert — Yea
Mike A. Cherry — Yea
Milde, Paul V. — Yea
Mundon King, Candi — Yea
Nadarius E. Clark — Yea
Obenshain, Chris — Yea
Orrock, Robert D., Sr. — Yea
Owen, David — Yea
Patrick A. Hope — Yea
Paul E. Krizek — Yea
Phil M. Hernandez — Yea
Phillip A. Scott — Yea
R. Lee Ware — Yea
Rae Cousins — Yea
Richard C. "Rip" Sullivan, Jr. — Yea
Robert S. Bloxom, Jr. — Yea
Rodney T. Willett — Yea
Rozia A. Henson, Jr. — Yea
Sam Rasoul — Yea
Scott A. Wyatt — Yea
Shelly A. Simonds — Yea
Sickles, Mark D. — Yea
Taylor, Kim A. — Yea
Terry G. Kilgore — Yea
Terry L. Austin — Yea
Thomas A. Garrett, Jr. — Yea
Thomas C. Wright, Jr. — Yea
Timothy P. Griffin — Yea
Tony O. Wilt — Yea
Vivian E. Watts — Yea
Wendell S. Walker — Not Voting
Will Davis — Yea
Wren M. Williams — Yea

Official roll call →

Passed 40 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 40000
Total 40000
% of votes cast 100%0%0%0%
How each member voted (40)

Official roll call →

Passed 40 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 40000
Total 40000
% of votes cast 100%0%0%0%
How each member voted (40)

Official roll call →

Passed 15 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 15000
Total 15000
% 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

Official roll call →

Passed 99 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 99000
Total 99000
% of votes cast 100%0%0%0%
How each member voted (99)
Member Party Vote
Adele Y. McClure — Yea
Alex Q. Askew — Yea
Alfonso H. Lopez — Yea
Amy J. Laufer — Yea
Anne Ferrell Tata — Yea
Arnold, Jonathan, E. P. — Yea
Atoosa R. Reaser — Yea
Batten, Amanda E. — Yea
Betsy B. Carr — Yea
Bill Wiley — Yea
Bonita G. Anthony — Yea
Briana D. Sewell — Yea
Bulova, David L. — Yea
C.E. Cliff Hayes, Jr. — Yea
Charniele L. Herring — Yea
Chris S. Runion — Yea
Convirs-Fowler, Kelly K. — Yea
Cordoza, A.C. — Yea
Coyner, Carrie E. — Yea
Dan I. Helmer — Yea
David A. Reid — Yea
Debra D. Gardner — Yea
Delores L. McQuinn — Yea
Delores Oates — Yea
Earley, Mark L., Jr. — Yea
Elizabeth B. Bennett-Parker — Yea
Ellen H. McLaughlin — Yea
Ennis, N. Baxter — Yea
Eric Phillips — Yea
Eric R. Zehr — Yea
Fowler, Hyland F."Buddy," Jr. — Yea
Freitas, Nicholas J. — Yea
Gilbert, C. Todd — Yea
Green, W. Chad — Yea
H. Otto Wachsmann, Jr. — Yea
Higgins, Geary — Yea
Holly M. Seibold — Yea
Irene Shin — Yea
Israel D. O'Quinn — Yea
Jackie H. Glass — Yea
James A. "Jay" Leftwich — Yea
James W. Morefield — Yea
Jason S. Ballard — Yea
Jeion A. Ward — Yea
Joseph P. McNamara — Yea
Joshua E. Thomas — Yea
Joshua G. Cole — Yea
Kannan Srinivasan — Yea
Karen Keys-Gamarra — Yea
Karrie K. Delaney — Yea
Kathy K.L. Tran — Yea
Katrina Callsen — Yea
Kent, Hillary Pugh — Yea
Knight, Barry D. — Yea
Laura Jane Cohen — Yea
LeVere Bolling, Destiny — Yea
Lovejoy, Ian T. — Yea
Luke E. Torian — Yea
M. Keith Hodges — Yea
Maldonado, Michelle Lopes — Yea
Marcia S. "Cia" Price — Yea
Marcus B. Simon — Yea
Marshall, Daniel W., III — Yea
Marty Martinez — Yea
Michael B. Feggans — Yea
Michael J. Jones — Yea
Michael J. Webert — Yea
Mike A. Cherry — Yea
Milde, Paul V. — Yea
Mundon King, Candi — Yea
Nadarius E. Clark — Yea
Obenshain, Chris — Yea
Orrock, Robert D., Sr. — Yea
Owen, David — Yea
Patrick A. Hope — Yea
Paul E. Krizek — Yea
Phil M. Hernandez — Yea
Phillip A. Scott — Yea
R. Lee Ware — Yea
Rae Cousins — Yea
Richard C. "Rip" Sullivan, Jr. — Yea
Robert S. Bloxom, Jr. — Yea
Rodney T. Willett — Yea
Rozia A. Henson, Jr. — Yea
Sam Rasoul — Yea
Scott A. Wyatt — Yea
Shelly A. Simonds — Yea
Sickles, Mark D. — Yea
Taylor, Kim A. — Yea
Terry G. Kilgore — Yea
Terry L. Austin — Yea
Thomas A. Garrett, Jr. — Yea
Thomas C. Wright, Jr. — Yea
Timothy P. Griffin — Yea
Tony O. Wilt — Yea
Vivian E. Watts — Yea
Wendell S. Walker — Yea
Will Davis — Yea
Wren M. Williams — Yea

Official roll call →

Passed 21 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Unaffiliated 21001
Total 21001
% of votes cast 95%0%0%5%
How each member voted (22)

Official roll call →

Subjects

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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?
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