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House Co-Sponsorship Memoranda
House of Representatives
Session of 2023 - 2024
Regular Session
MEMORANDUM
| Posted: | February 23, 2024 11:03 AM |
|---|---|
| From: | Representative Joe Hogan |
| To: | All House members |
| Subject: | Protecting Older Adults Against Financial Exploitation |
I will soon introduce legislation to equip financial institutions and fiduciaries with the necessary tools for identifying, reporting, and preventing the financial exploitation of older adults and care-dependent individuals. Financial exploitation is the misuse or theft of assets, and it is one of the most prevalent forms of elder abuse nationwide. Despite its frequent underreporting, its common forms include misuse of powers of attorney, unauthorized cash withdrawals, financial scams, and check or credit card fraud. The losses incurred are often irrecoverable, compelling victims to increasingly rely on public assistance programs for their most basic needs. Recognizing the unique role financial institutions and fiduciaries play in early detection of financial exploitation, my legislation seeks to authorize, without imposing an obligation, the reporting and disclosure of essential records to state investigators. Additionally, financial institutions and fiduciaries would be able to temporarily delay transactions linked to suspected financial exploitation and engage in judicial proceedings to protect older adults. The legislation will also authorize the sharing of information and records between financial institutions, fiduciaries, and area agencies on aging. Like other voluntary reporters to protective services, financial institutions and fiduciaries would be immune from civil or criminal liability when exercising their discretion to report, share records, provide information to area agencies on aging, and temporarily delay financial transactions. My legislation provides the necessary legal clarity to enable financial institutions and fiduciaries to proactively report and help prevent financial exploitation. Please join me in cosponsoring this crucial legislation to safeguard the retirement savings of our older adults. |
Introduced as HB2064
Memo Updated: February 23, 2024 11:04 AM