SB 2870 — Financial institutions; authorize to delay a transaction upon good-faith belief that eligible person will be exploited.

SB2870 (As(COMMITTEE Introduced)SUBSTITUTE) - 2019 Regular Session MISSISSIPPI LEGISLATURE Regular Session To:

Senator(s) Parks Senate Bill 2870 (COMMITTEE SUBSTITUTE) AN ACT TO CREATE A NEW SECTION WITHIN CHAPTER 5, TITLE 81, MISSISSIPPI CODE OF 1972, TO AUTHORIZE A FINANCIAL INSTITUTION TO DELAY THE COMPLETION OR EXECUTION OF A REQUESTEDFINANCIAL TRANSACTIONTRANSACTION, IF ITTHE INSTITUTION BELIEVES IN GOOD FAITH THAT THEA REQUESTED TRANSACTION MAY RESULT ININ, OR BE THE RESULT OF, EXPLOITATION OF AN ELIGIBLE PERSON;

TO PROVIDE THAT A TRANSACTION DELAY WILL EXPIRE UPON EITHER A GOOD-FAITH DETERMINATION BY THE FINANCIAL INSTITUTION ANDTHAT ITSTHE OFFICERS,TRANSACTION DIRECTORS,WILL EMPLOYEES,NOT AGENTSRESULT ANDIN REPRESENTATIVESEXPLOITATION, SHALLOR HAVE15 NOBUSINESS DUTYDAYS, TOUNLESS ACTTHE PURSUANTDEPARTMENT TOOF THISHUMAN SECTION;SERVICES OR A LAW ENFORCEMENT AUTHORITY REQUESTS THAT THE FINANCIAL INSTITUTION EXTEND THE DELAY;

TO PROVIDEREQUIRE THE FINANCIAL INSTITUTION TO NOTIFY THE DEPARTMENT OF HUMAN SERVICES AND AUTHORIZE THE FINANCIAL INSTITUTION TO NOTIFY OTHER CERTAIN IMMUNITY;INDIVIDUALS IF A TRANSACTION IS DELAYED;

TO LIMIT THE LIABILITY OF A FINANCIAL INSTITUTION THAT EITHER DELAYS A TRANSACTION OR DOES NOT DELAY A TRANSACTION;

     SECTION 1.  The(1)  followingAs shallused bein codifiedthis assection, athe separatefollowing sectionterms withinshall Chapterhave 5,the Titlefollowing 81,meanings, Mississippiunless Codethe ofcontext 1972:clearly requires otherwise:

              81-5- (a)  . "Eligible (1) person" Definitions. means Asa usedvulnerable inperson, thisor section,any theperson followingage wordssixty-five and(65) phrasesor shallolder. have the meanings ascribed herein, unless the context clearly requires otherwise:

          (a)  "Eligible person" means (i) a vulnerable person, or (ii) any person age sixty-five (65) or older.

     (2)  If a financial institution believes in good faith that a requested transaction of any kind may result in, or be the result of, exploitation of an eligible person, the financial institution may,may but is not required, to delay the completion or execution of the transaction for a period of time not to exceed fifteen (15) business days, unless extended, as otherwise provided in this section.

     (3)  Any delay of a financial transaction as authorized by this section will expire upon theeither: sooner of:

          (a)  A goodgood-faith faith determination by the financial institution that the transaction will not result in, or is not the result of, exploitation of the eligible person;

     (4)  If a transaction is delayed, the financial institution willshall promptly notify the Department of Human ServicesServices, and may, at its option andmay without any duty to do so, notify any federal, state or local law enforcement authority, any other person who is authorized to have access to or transact business on any account of the eligible person with the financial institution, any person reasonably associated with the eligible person, or any other person permitted by state or federal laws or regulations or by customer agreement,agreement.  andThe the financial institution may disclose in connection with such notification information about the transaction, the reason for the delaydelay, and any information that may be included in a report of abuse, neglect or exploitation as provided in Section 43-47-7.

     (6)  A financial institution and its officers, directors, employees, agents and representatives shall be immune from any administrative, civilcivil, or criminal liability that might otherwise arise for taking action or not taking action pursuant to this section and for making any disclosure or delaying any transaction permitted by this section.  The immunity provided for in this subsection shall not apply to any individual thatwho is a perpetrator of exploitation of the eligible person.