Banking and Financial Services Provider Protections for Eligible Adults from Financial Exploitation

Summary

The bill requires banks to report suspected abuse of older or cognitively‑impaired adults and gives them the discretion to pause or refuse withdrawals, transfers, or changes to account ownership when exploitation is suspected. It defines who qualifies as an “eligible adult,” identifies the state agencies that must receive reports, and sets a 15‑day limit on any hold unless an investigation warrants an extension. The aim is to safeguard vulnerable adults while preserving their access to funds.

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

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