Fiduciary Institutions - Exploitation of Seniors and Vulnerable Adults - Protections and Required Referral (Vulnerable Adult Banking Protection Act)

Summary

The law lets banks, credit unions and similar institutions delay or deny withdrawals from accounts of people 65 or older or who lack capacity, when they reasonably believe exploitation may occur. They must notify the account holder’s authorized contacts and Adult Protective Services, law enforcement, or the state attorney within four business days and share relevant records. The measure aims to protect vulnerable adults from fraud while giving institutions limited immunity from lawsuits.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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