senate Bill S5707

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 - Passed Senate


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

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Actions

view actions (6)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 12, 2013 referred to aging
delivered to assembly
passed senate
ordered to third reading cal.1301
committee discharged and committed to rules
Jun 06, 2013 referred to aging

Co-Sponsors

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S5707 - Details

Current Committee:
Law Section:
Social Services Law
Laws Affected:
Amd §473, Soc Serv L; amd §4, Bank L

S5707 - Summary

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

S5707 - Sponsor Memo

S5707 - Bill Text download pdf

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

                                  5707

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                              June 6, 2013
                               ___________

Introduced by Sens. ADAMS, DIAZ, KLEIN, PARKER -- read twice and ordered
  printed, and when printed to be committed to the Committee 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

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