Assembly Bill A6099A

2017-2018 Legislative Session

Relates to the role of banking institutions in protecting vulnerable elderly persons from financial exploitation

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Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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Bill Amendments

co-Sponsors

multi-Sponsors

2017-A6099 - Details

See Senate Version of this Bill:
S6736
Current Committee:
Assembly Aging
Law Section:
Social Services Law
Laws Affected:
Amd §473, Soc Serv L; amd §4, add §4-d, Bank L
Versions Introduced in Other Legislative Sessions:
2013-2014: A7892
2015-2016: A5336

2017-A6099 - Summary

Authorizes banking institutions to temporarily refuse or delay disbursement from the account of a vulnerable elderly person if certain criteria are met.

2017-A6099 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6099
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 23, 2017
                                ___________
 
 Introduced  by M. of A. LUPARDO -- read once and referred to the Commit-
   tee on Aging
 
 AN ACT to amend the social services law and the banking law, in relation
   to authorizing banking institutions to refuse to  disburse  moneys  in
   circumstances of the financial exploitation of a vulnerable adult

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 473 of the social services law is amended by adding
 a new subdivision 9 to read as follows:
   9. (A) AS USED IN THIS SUBDIVISION:
   (I) "BANKING INSTITUTION" MEANS ANY STATE OR FEDERALLY CHARTERED BANK,
 TRUST COMPANY, SAVINGS BANK, SAVINGS AND  LOAN  ASSOCIATION  OR,  CREDIT
 UNION.
   (II)  "VULNERABLE  ADULT"  MEANS  AN  INDIVIDUAL WHO BECAUSE OF MENTAL
 AND/OR  PHYSICAL  IMPAIRMENT,  IS  UNABLE  TO  MANAGE  HIS  OR  HER  OWN
 RESOURCES, OR PROTECT HIMSELF OR HERSELF FROM FINANCIAL EXPLOITATION.
   (B) IF A BANKING INSTITUTION, SOCIAL SERVICES OFFICIAL OR LAW ENFORCE-
 MENT AGENCY REASONABLY BELIEVES THAT FINANCIAL EXPLOITATION OF A VULNER-
 ABLE  ADULT  HAS OCCURRED OR MAY OCCUR, THE BANKING INSTITUTION MAY, BUT
 SHALL NOT BE REQUIRED TO, REFUSE ANY TRANSACTION REQUIRING THE DISBURSAL
 OF MONEYS IN THE ACCOUNT OF:
   (I) A VULNERABLE ADULT;
   (II) WHICH A VULNERABLE ADULT IS A BENEFICIARY,  INCLUDING  TRUST  AND
 GUARDIANSHIP ACCOUNTS; AND
   (III) A PERSON WHO IS SUSPECTED OF ENGAGING IN THE FINANCIAL EXPLOITA-
 TION OF A VULNERABLE ADULT.
   (C)  A BANKING INSTITUTION MAY ALSO REFUSE TO DISBURSE MONEYS PURSUANT
 TO THIS SUBDIVISION IF A SOCIAL SERVICES  OFFICIAL  OR  LAW  ENFORCEMENT
 AGENCY PROVIDES INFORMATION TO SUCH INSTITUTION DEMONSTRATING THAT IT IS
 REASONABLE  TO BELIEVE THAT FINANCIAL EXPLOITATION OF A VULNERABLE ADULT
 HAS OCCURRED OR MAY OCCUR.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

co-Sponsors

multi-Sponsors

2017-A6099A (ACTIVE) - Details

See Senate Version of this Bill:
S6736
Current Committee:
Assembly Aging
Law Section:
Social Services Law
Laws Affected:
Amd §473, Soc Serv L; amd §4, add §4-d, Bank L
Versions Introduced in Other Legislative Sessions:
2013-2014: A7892
2015-2016: A5336

2017-A6099A (ACTIVE) - Summary

Authorizes banking institutions to temporarily refuse or delay disbursement from the account of a vulnerable elderly person if certain criteria are met.

2017-A6099A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  6099--A
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 23, 2017
                                ___________
 
 Introduced  by  M.  of A. LUPARDO, D'URSO, BRINDISI, WALLACE, SEPULVEDA,
   McDONOUGH, RAIA, BARRON, JEAN-PIERRE, BLAKE, HUNTER -- Multi-Sponsored
   by -- M. of A.  LENTOL -- read once and referred to the  Committee  on
   Aging  --  committee  discharged,  bill  amended, ordered reprinted as
   amended and recommitted to said committee

 AN ACT to amend the social services law and the banking law, in relation
   to the role of banking institutions in protecting  vulnerable  elderly
   persons from financial exploitation
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 473 of the social services law is amended by adding
 a new subdivision 9 to read as follows:
   9. (A) WHEN USED IN THIS SUBDIVISION: (I) "BANKING INSTITUTION"  MEANS
 ANY  BANK, TRUST COMPANY, SAVINGS BANK, SAVINGS AND LOAN ASSOCIATION, OR
 CREDIT UNION, WHICH IS CHARTERED, ORGANIZED, OR LICENSED UNDER THE  LAWS
 OF  THIS  STATE, AND IN THE COURSE OF BUSINESS TAKES DEPOSIT ACCOUNTS IN
 THIS STATE, BUT SHALL NOT INCLUDE  A  PRIVATE  BANKER,  A  SAFE  DEPOSIT
 COMPANY, OR AN INVESTMENT COMPANY.
   (II)  "VULNERABLE  ELDERLY  PERSON"  SHALL  HAVE  THE  SAME MEANING AS
 SECTION 260.31 OF THE PENAL LAW.
   (III) "FINANCIAL EXPLOITATION" MEANS (A) A SERIES OF IMPROPER TAKINGS,
 WITHHOLDINGS, APPROPRIATIONS, OR USES OF  A  VULNERABLE  ADULT'S  MONEY,
 ASSETS,  OR PROPERTY OR (B) A SERIES OF ACTS OR OMISSIONS TO: (1) OBTAIN
 CONTROL, THROUGH DECEPTION,  INTIMIDATION,  OR  MALICIOUS  INFLUENCE,  A
 VULNERABLE ADULT'S MONEY, ASSETS, OR PROPERTY OR (2) CONVERT THE VULNER-
 ABLE ADULT'S MONEY, ASSETS, OR PROPERTY.
   (IV)  "QUALIFIED  INDIVIDUAL"  MEANS  AN  INDIVIDUAL ASSOCIATED WITH A
 BANKING INSTITUTION WHO SERVES IN A SUPERVISORY,  COMPLIANCE,  OR  LEGAL
 CAPACITY AS PART OF THE INDIVIDUAL'S JOB.
   (B)  IF  A  BANKING  INSTITUTION,  SOCIAL  SERVICES  OFFICIAL,  OR LAW
 ENFORCEMENT AGENCY REASONABLY BELIEVES THAT FINANCIAL EXPLOITATION OF  A
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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