Financial institutions; protections for financial exploitation of protected adults; effective date.

Summary

If a bank employee thinks a protected adult (someone 62+ or otherwise vulnerable) is being financially exploited, the bank must alert a state agency and may alert a trusted contact. The bank can place a short‑term hold on the account while it investigates, and it is protected from liability unless it acts in bad faith. The bill aims to protect older and vulnerable people from fraud and theft.

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

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