|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jun 03, 2013||referred to banks|
senate Bill S5675
Archive: Last Bill Status - In Senate Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S5675 - Details
S5675 - 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 financial institution who reports suspected financial abuse shall have immunity from any civil or criminal liability as a result.
S5675 - Sponsor Memo
BILL NUMBER:S5675 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
S5675 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5675 2013-2014 Regular Sessions I N S E N A T E June 3, 2013 ___________ Introduced by Sen. ADAMS -- 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. LBD01899-05-3
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