Relates to the report of suspected financial exploitation; requires the superintendent of the department of financial services to develop guidelines relating to reporting suspected financial exploitation; provides that a third party who reports suspected financial abuse shall have immunity from any civil or criminal liability as a result.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A6395
SPONSOR: Lupardo TITLE OF BILL: An act to amend the banking law, in relation to
reporting of suspected financial exploitation
PURPOSE:
To encourage voluntary reporting of suspected financial exploitation.
SUMMARY OF PROVISIONS:
This bill would direct the Superintendent of the Department of Financial
Services to develop guidelines for reporting suspected financial exploi-
tation in consultation with the State Office for the Aging, NYS Attorney
General, representatives of the financial services industry, law
enforcement, senior groups, disability groups, and district attorneys.
This bill would also direct the Superintendent, along with the other
groups who assisted with developing the guidelines, to also develop
training materials to be made available to banks to train their staff
and brochures for bank patrons regarding the signs of elder abuse.
Additionally, this bill would provide protection from state liability
for banking institutions that make a report of suspected financial
exploitation in accordance with the guidelines provided.
JUSTIFICATION:
Financial exploitation is a large and quickly growing segment of elder
abuse. Financial institutions are often in a prime position to notice
changes in behavior or suspicious patterns of withdrawals and invest-
ments. Fear of being sued, especially if the abuser is a family member,
has been raised as a barrier to voluntary reporting by employees of
financial institutions. This bill would protect those who report
suspected financial exploitation, but only if the report is made by
following guidelines set by the Department of Financial Services.
LEGISLATIVE HISTORY:
2013-14 A.1783.B - Passed in Assembly
2015-16- A5349B - Reported
FISCAL IMPLICATIONS:
To be determined.
EFFECTIVE DATE:
The act shall take effect on the 90th day.
