| Date of Action |
Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|---|---|
| Jan 08, 2014 |
referred to banks |
| May 16, 2013 |
referred to banks |
Senate Bill S5478
2013-2014 Legislative Session
Sponsored By
(D, WF) 21st Senate District
Archive: Last Bill Status - In Senate Committee Banks Committee
Actions
2013-S5478 (ACTIVE) - Details
2013-S5478 (ACTIVE) - Summary
Relates to the report of suspected financial exploitation; requires the superintendent of the department of financial services to develop guidelines relating to reporting suspected financial exploitation; provides that a third party who reports suspected financial abuse shall have immunity from any civil or criminal liability as a result.
2013-S5478 (ACTIVE) - Sponsor Memo
BILL NUMBER:S5478
TITLE OF BILL: An act to amend the banking law, in relation to
reporting of suspected financial exploitation
PURPOSE OR GENERAL IDEA OF BILL: To encourage voluntary reporting of
suspected financial exploitation.
SUMMARY OF SPECIFIC PROVISIONS: Creates a new section 9-v of the
banking law as follows:
* The Superintendent of the Department of Financial Services would
develop guidelines for reporting suspected financial exploitation in
consultation with the State Office for the Aging, NYS Attorney
General, representatives of the financial services industry, law
enforcement, senior groups, and district attorneys; and
* If a report of suspected financial exploitation were to be made in
accordance with those guidelines, the individual making the report
would be protected from liability-resulting from that report.
JUSTIFICATION: Financial exploitation is a large and quickly growing
segment of elder abuse. Seniors are not always very savvy with money,
and, as their faculties fade, they sometimes become targets for scam
artists and undue influence. Financial institutions are often in a
prime position to notice changes in behavior or suspicious patterns of
2013-S5478 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K
________________________________________________________________________
5478
2013-2014 Regular Sessions
I N S E N A T E
May 16, 2013
___________
Introduced by Sen. PARKER -- read twice and ordered printed, and when
printed to be committed to the Committee on Banks
AN ACT to amend the banking law, in relation to reporting of suspected
financial exploitation
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. The banking law is amended by adding a new section 9-v to
read as follows:
S 9-V. REPORTING OF SUSPECTED FINANCIAL EXPLOITATION. 1. FOR PURPOSES
OF THIS SECTION, THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS:
(A) "FINANCIAL EXPLOITATION" SHALL MEAN ACTIVITY PROHIBITED PURSUANT
TO SECTIONS 190.25, 190.26, 190.60, 190.65, 190.78, 190.79, 190.80,
190.80-A, 190.81, 190.82, AND 190.83 OF THE PENAL LAW OR ACTIVITY MEANT
TO DEPRIVE AN INDIVIDUAL OF ASSETS OR PROPERTY BY DECEPTIVE, MANIPULA-
TIVE, OR OTHER ILLEGAL MEANS.
(B) "FINANCIAL INSTITUTION" SHALL MEAN ANY BANKING INSTITUTION, CREDIT
UNION, INVESTMENT BROKERAGE, AND ANY OTHER ENTITY LICENSED BY THE SUPER-
INTENDENT.
(C) "SUPERINTENDENT" SHALL MEAN THE SUPERINTENDENT OF THE DEPARTMENT
OF FINANCIAL SERVICES.
2. THE SUPERINTENDENT, IN CONSULTATION WITH THE DIRECTOR OF THE OFFICE
FOR THE AGING, THE ATTORNEY GENERAL, REPRESENTATIVES OF THE FINANCIAL
SERVICES INDUSTRY, LAW ENFORCEMENT, SENIOR GROUPS, AND DISTRICT ATTOR-
NEYS, SHALL DEVELOP GUIDELINES RELATING TO REPORTING SUSPECTED FINANCIAL
EXPLOITATION. SUCH GUIDELINES SHALL INCLUDE, BUT NOT BE LIMITED TO:
(A) THE TYPES OF WARNING SIGNS AND EVIDENCE THAT WOULD BE ACCEPTABLE
INDICATORS OF FINANCIAL EXPLOITATION;
(B) WHEN SUSPECTED FINANCIAL EXPLOITATION SHOULD BE REPORTED;
(C) TO WHOM SUSPECTED FINANCIAL EXPLOITATION SHOULD BE REPORTED;
(D) INFORMATION THAT SHOULD BE INCLUDED IN A REPORT OF SUSPECTED
FINANCIAL ABUSE; AND
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD01899-04-3
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