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House Co-Sponsorship Memoranda
House of Representatives
Session of 2017 - 2018
Regular Session
MEMORANDUM
| Posted: | September 19, 2018 04:14 PM |
|---|---|
| From: | Representative Frank Burns |
| To: | All House members |
| Subject: | Protecting Vulnerable Adults from Financial Exploitation |
| Financial exploitation is one of the fastest-growing forms of abuse, particularly among senior citizens and other vulnerable adults. While it can be perpetrated by strangers or scammers, it often involves trusted caregivers, family members or neighbors. Even more troubling, advocates estimate only one in 44 cases of financial abuse among senior citizens is ever reported. I believe we can do more to protect seniors and care-dependent adults from financial abuse. Therefore, I plan to introduce legislation that would require financial professionals who suspect financial exploitation is being attempted or has occurred to promptly report it to the Pennsylvania Banking and Securities Commission and other applicable state agencies. My bill would also give these professionals the authority to delay financial transactions from the client’s account when fraud is suspected so the transaction can be properly investigated. Additionally, the bill would provide immunity from civil lawsuits or administrative sanctions to those who report or delay a transaction in good-faith. Financial planners, brokers and advisors are often the first people to notice schemes aimed at defrauding seniors and care-dependent adults of their hard-earned assets, whether it’s money, investments, natural resource rights or property. My bill will give these professionals the tools they need to protect consumers without fear of lawsuits. Please join me in supporting this important consumer protection that makes financial service providers allies in the fight against financial abuse of Pennsylvania’s most vulnerable citizens. |
Introduced as HB2687