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Pennsylvania House of Representatives
04/19/2024 04:00 PM
Pennsylvania House of Representatives
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=H&SPick=20170&cosponId=26400
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House Co-Sponsorship Memoranda

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House of Representatives
Session of 2017 - 2018 Regular Session

MEMORANDUM

Posted: September 19, 2018 11:49 AM
From: Representative Bryan Barbin
To: All House members
Subject: Senior Safety From Financial Exploitation
 
This legislation that creates the Senior Safety from Financial Exploitation Act that targets elder financial abuse. Under the bill, financial institutions would be required to report suspicious activities and delay disbursements, without fear of lawsuit.

The Senior Safety Act is modeled after the North American Securities Administrators Association (NASAA) model legislation, which has been enacted in some form in 25 states.

The main difference in state legislation involves may or shall provisions. This legislation provides a shall report provision with immunity. The bill provides financial institutions with tools to safely report suspected abuse and delay payments without fear of lawsuits. AARP reports one in five seniors are victims each year. Please join me in protecting over 2,000,000 Pennsylvania residents.

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Introduced as HB2655