assembly Bill A7892A

2013-2014 Legislative Session

Authorizes banks to refuse payment of moneys when there is reason to believe that a vulnerable adult is being financially exploited

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (4)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2014 referred to aging
Jul 08, 2013 print number 7892a
Jul 08, 2013 amend and recommit to aging
Jun 07, 2013 referred to aging

Co-Sponsors

Multi-Sponsors

A7892 - Details

Current Committee:
Assembly Aging
Law Section:
Social Services Law
Laws Affected:
Amd §473, Soc Serv L; amd §4, Bank L
Versions Introduced in Other Legislative Sessions:
2015-2016: A5336
2017-2018: A6099

A7892 - Summary

Authorizes banks to refuse payment of moneys when there is reason to believe that a vulnerable adult is being financially exploited.

A7892 - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  7892

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                              June 7, 2013
                               ___________

Introduced  by M. of A. MILLMAN -- 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 organizations 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 8 to read as follows:
  8. (A) AS USED IN THIS SUBDIVISION:
  (I) "BANKING ORGANIZATION" MEANS A BANKING ORGANIZATION AS DEFINED  IN
SUBDIVISION ELEVEN OF SECTION TWO OF THE BANKING LAW.
  (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  ORGANIZATION,  SOCIAL  SERVICES  OFFICIAL  OR LAW
ENFORCEMENT AGENCY REASONABLY BELIEVES THAT FINANCIAL EXPLOITATION OF  A
VULNERABLE  ADULT  HAS  OCCURRED  OR MAY OCCUR, THE BANKING ORGANIZATION
MAY, BUT SHALL NOT BE REQUIRED TO, REFUSE ANY TRANSACTION REQUIRING  THE
DISPERSAL 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 ORGANIZATION MAY ALSO REFUSE TO DISBURSE MONEYS PURSUANT
TO THIS SUBDIVISION IF A SOCIAL SERVICES  OFFICIAL  OR  LAW  ENFORCEMENT
AGENCY  PROVIDES  INFORMATION TO SUCH ORGANIZATION 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.
                                                           LBD11238-02-3

Co-Sponsors

view additional co-sponsors

Multi-Sponsors

A7892A (ACTIVE) - Details

Current Committee:
Assembly Aging
Law Section:
Social Services Law
Laws Affected:
Amd §473, Soc Serv L; amd §4, Bank L
Versions Introduced in Other Legislative Sessions:
2015-2016: A5336
2017-2018: A6099

A7892A (ACTIVE) - Summary

Authorizes banks to refuse payment of moneys when there is reason to believe that a vulnerable adult is being financially exploited.

A7892A (ACTIVE) - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 7892--A

                       2013-2014 Regular Sessions

                          I N  A S S E M B L Y

                              June 7, 2013
                               ___________

Introduced by M. of A. MILLMAN, WEPRIN -- Multi-Sponsored by -- M. of A.
  SEPULVEDA  --  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  authorizing  banking organizations 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 8 to read as follows:
  8. (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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11238-04-3

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