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

Summary

The bill lets fiduciary institutions (banks, credit unions, etc.) pause or refuse a disbursement from an account belonging to someone 65 or older or a vulnerable adult if they reasonably believe the money could be misused. The institution must notify the account’s authorized contacts and Adult Protective Services, law enforcement, or the state attorney within four business days and provide relevant financial records on request. These protections aim to prevent financial abuse while giving agencies a tool to intervene quickly.

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

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