Requires, or sanctions, as appropriate, financial institutions to take certain action when senior or vulnerable customers make certain financial transactions.

Summary

The bill obligates financial institutions to pause any transaction that appears to put a senior (60+) or vulnerable adult (18+ with disability or limited capacity) at risk of fraud. Institutions must notify the account holders, the state Department of Banking and Insurance, and the county adult protective services provider within two business days, and may release account records to law enforcement or protective services when exploitation is suspected. The goal is to give banks a clear process to stop scams before victims lose money.

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

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