senate Bill S5779A

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

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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

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 18, 2013 referred to aging
delivered to assembly
passed senate
ordered to third reading cal.1469
Jun 14, 2013 print number 5779a
Jun 14, 2013 amend and recommit to rules
referred to rules

Votes

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Bill Amendments

Original
A (Active)
Original
A (Active)

S5779 - Bill Details

See Assembly Version of this Bill:
A7892A
Current Committee:
Law Section:
Social Services Law
Laws Affected:
Amd §473, Soc Serv L; amd §4, Bank L

S5779 - Bill Texts

view summary

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

view sponsor memo
BILL NUMBER:S5779

TITLE OF BILL: 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

PURPOSE:

This legislation would authorize a banking organization, social
services official, or law enforcement agency that reasonably believes
that the financial exploitation of a vulnerable adult has occurred or
may occur, then a banking organization may refuse to conduct any
transaction that requires the dispersal of moneys in the account of a
vulnerable adult or moneys held for the benefit of such adult. This
legislation also authorizes a banking organization to provide access
to or copies of historical records or recent. transactions relevant
to suspected financial exploitation of a vulnerable adult to law
enforcement agencies and social service officials responsible for
administering the provisions of this article. The term financial
exploitation of an adult is as defined in Social Services Law section
473.

SUMMARY OF PROVISIONS:

Section 1: Amends the Social Services Law 473 that relates to the
provision of Adult. Protective Services. This bill adds a new
subdivision 8 to authorize that if a banking organization, social
services official, or law enforcement agency reasonably believes that
the financial exploitation of a vulnerable adult has occurred or may
occur, then a banking organization may refuse to conduct any
transaction that requires the processing of funds of a vulnerable
adult. In addition, a banking organization may provide law
enforcement. agencies and social service officials responsible for
administering the provisions of this article with access to or copies
of historical records or recent transactions relevant to suspected
financial exploitation of a vulnerable adult.

A banking organization is not required to refuse to disburse funds
Pursuant to this act, but if such organization does so based on the
reasonable suspicion that financial exploitation may occur or has
occurred, or based on the information provided by a social services
official or law enforcement. agency, then such banking organization
shall report the incident to the responsible social services official.

Section 2: Amends banking Law section 4 to make conforming amendments
to this law so that it is consistent with the new provisions provided
for in the Social Services Law.

Section 3: Provides for an effective date of 180 days after this act
shall become a law.

JUSTIFICATION:

Persons over the age of 65 are the fastest growing segment of the
American population. While senior citizens constituted only 4% of the
total population in 1900, by 1994 the proportion of seniors in the


united States had grown to 12.5%. By 2050 almost 25% of all Americans
will be over age 65. This dramatic shift in population distribution
has produced tremendous upheavals in family structure and in our
societal response to the treatment and care of our senior population.
One problem faced by many seniors today is how to care for themselves
when their traditional network of support, their children and
grandchildren, are occupied with raising their own families and are
often spread out over a wide geographic area.

Evidence suggests that there may be a surprisingly high percentage of
senior citizens who are, either intentionally or unintentionally,
mistreated by family members or institutional caregivers or who of
their own volition, ate neglecting in their own basic custodial needs.
This maltreatment can take many forms, ranging from physical and
psychological abuse to neglect to financial abuse and exploitation.
While physical abuse and neglect would seem to be a more immediate
concern for the elderly than protecting their financial assets from
potential theft or conversion by relatives and caregivers, the loss of
one's financial assets can have an even more severe a long-term impact
on a senior's wellbeing and quality of Life as a physical injury or
abuse.

A 1990 congressional report also concluded that elder abuse is far
less likely to be reported than child abuse, estimating that only 1 in
8 cases of elder abuse, as compared with 1 in 3 cases of child abuse,
is ever reported to the authorities. Encouraging the reporting of
suspected financial exploitation of vulnerable adults, including the
elderly is an important public policy goal that should be achieved.
Currently, 42 states and the District of Columbia have statutes
requiring various professionals (typically health care professionals,
psychologists and social workers) to report known and suspected
incidents to prescribed public officials.

It should be understood that this bill provides protections for all
vulnerable adults that are protected under the Adult. Protective
Services Programs as provided for under Social Services Law Article
9-B, which includes all vulnerable adults that are 18 years of age or
older.

LEGISLATIVE HISTORY:

None

FISCAL IMPLICATIONS:

None.

EFFECTIVE DATE:

This act shall take effect on the 180th day after it shall become a
law.

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

                                  5779

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                              June 14, 2013
                               ___________

Introduced  by  Sen.  ADAMS  -- read twice and ordered printed, and when
  printed to be committed to the Committee on Rules

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 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
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.
                                                           LBD11512-01-3

S. 5779                             2

  (D) A BANKING INSTITUTION SHALL NOT BE REQUIRED TO REFUSE TO  DISBURSE
FUNDS  PURSUANT  TO THIS SECTION. SUCH A REFUSAL SHALL BE IN THE BANKING
INSTITUTION'S DISCRETION, BASED ON THE  INFORMATION  AVAILABLE  TO  SUCH
INSTITUTION.
  (E)  ANY BANKING INSTITUTION WHICH REFUSES TO DISBURSE MONEYS PURSUANT
TO THIS SUBDIVISION SHALL:
  (I) MAKE A REASONABLE EFFORT TO PROVIDE NOTICE, ORALLY OR IN  WRITING,
TO ALL PARTIES AUTHORIZED TO TRANSACT BUSINESS ON THE ACCOUNT FROM WHICH
DISBURSEMENT WAS REFUSED; AND
  (II)  REPORT  THE INCIDENT TO THE SOCIAL SERVICES OFFICIAL RESPONSIBLE
FOR ADMINISTERING ADULT PROTECTIVE SERVICES PURSUANT TO THIS ARTICLE FOR
THE AFFECTED VULNERABLE ADULT.
  (F) THE REFUSAL TO DISBURSE MONEYS PURSUANT TO THIS SUBDIVISION  SHALL
TERMINATE UPON THE EARLIER OF:
  (I)  THE  TIME  AT WHICH THE BANKING INSTITUTION IS SATISFIED THAT THE
DISBURSEMENT WILL NOT RESULT IN THE FINANCIAL EXPLOITATION OF A  VULNER-
ABLE ADULT; OR
  (II)  THE  ISSUANCE  OF AN ORDER BY A COURT OF COMPETENT JURISDICTION,
DIRECTING THE DISBURSAL OF THE MONEYS.
  (G) A BANKING INSTITUTION MAY PROVIDE ACCESS TO OR COPIES  OF  RECORDS
RELEVANT  TO  SUSPECTED  FINANCIAL EXPLOITATION OF A VULNERABLE ADULT TO
LAW ENFORCEMENT AGENCIES AND SOCIAL SERVICES OFFICIALS  RESPONSIBLE  FOR
ADMINISTERING  THE  PROVISIONS OF THIS ARTICLE. SUCH RECORDS MAY INCLUDE
RELEVANT  HISTORICAL  RECORDS  AND  RECENT  TRANSACTIONS   RELATING   TO
SUSPECTED FINANCIAL EXPLOITATION.
  (H)  A BANKING INSTITUTION OR AN EMPLOYEE OF SUCH AN INSTITUTION SHALL
BE IMMUNE FROM CRIMINAL, CIVIL OR ADMINISTRATIVE LIABILITY FOR  REFUSING
TO  DISBURSE  MONEYS  OR DISBURSING MONEYS PURSUANT TO THIS SUBDIVISION,
AND FOR ACTIONS TAKEN IN FURTHERANCE OF  THAT  DETERMINATION,  INCLUDING
THE  MAKING OF A REPORT OR THE PROVIDING OF ACCESS TO OR COPIES OF RELE-
VANT RECORDS TO A SOCIAL SERVICES OFFICIAL OR LAW ENFORCEMENT AGENCY, IF
SUCH DETERMINATIONS AND ACTIONS WERE MADE IN GOOD FAITH AND  IN  ACCORD-
ANCE WITH THE PROVISIONS OF THIS SUBDIVISION.
  S  2. Section 4 of the banking law is amended by adding a new subdivi-
sion 4 to read as follows:
  4. A BANKING INSTITUTION OR AN EMPLOYEE OF SUCH AN  INSTITUTION  SHALL
BE  IMMUNE FROM CRIMINAL, CIVIL OR ADMINISTRATIVE LIABILITY FOR REFUSING
TO DISBURSE MONEYS OR DISBURSING MONEYS PURSUANT TO SUBDIVISION EIGHT OF
SECTION FOUR HUNDRED SEVENTY-THREE OF THE SOCIAL SERVICES LAW,  AND  FOR
ACTIONS TAKEN IN FURTHERANCE OF THAT DETERMINATION, INCLUDING THE MAKING
OF  A REPORT OR THE PROVIDING OF ACCESS TO OR COPIES OF RELEVANT RECORDS
TO A SOCIAL SERVICES OFFICIAL OR LAW ENFORCEMENT AGENCY, IF SUCH  DETER-
MINATIONS  AND  ACTIONS  WERE  MADE IN GOOD FAITH AND IN ACCORDANCE WITH
SUBDIVISION EIGHT OF SECTION FOUR HUNDRED SEVENTY-THREE  OF  THE  SOCIAL
SERVICES LAW. FOR PURPOSES OF THIS SUBDIVISION, THE TERM "BANKING INSTI-
TUTION" SHALL MEAN ANY STATE OR FEDERALLY CHARTERED BANK, TRUST COMPANY,
SAVINGS BANK, SAVINGS AND LOAN ASSOCIATION OR CREDIT UNION.
  S 3. This act shall take effect on the one hundred eightieth day after
it shall have become a law.

Co-Sponsors

S5779A (ACTIVE) - Bill Details

See Assembly Version of this Bill:
A7892A
Current Committee:
Law Section:
Social Services Law
Laws Affected:
Amd §473, Soc Serv L; amd §4, Bank L

S5779A (ACTIVE) - Bill Texts

view summary

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

view sponsor memo
BILL NUMBER:S5779A

TITLE OF BILL: 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

PURPOSE:

This legislation would authorize a banking organization, social
services official, or law enforcement agency that reasonably believes
that the financial exploitation of a vulnerable adult has occurred or
may occur, then a banking organization may refuse to conduct any
transaction that requires the dispersal of moneys in the account of a
vulnerable adult or moneys held for the benefit of such adult. This
legislation also authorizes a banking organization to provide access
to or copies of historical records or recent. transactions relevant
to suspected financial exploitation of a vulnerable adult to law
enforcement agencies and social service officials responsible for
administering the provisions of this article. The term financial
exploitation of an adult is as defined in Social Services Law section
473.

SUMMARY OF PROVISIONS:

Section 1: Amends the Social Services Law 473 that relates to the
provision of Adult. Protective Services. This bill adds a new
subdivision 8 to authorize that if a banking organization, social
services official, or law enforcement agency reasonably believes that
the financial exploitation of a vulnerable adult has occurred or may
occur, then a banking organization may refuse to conduct any
transaction that requires the processing of funds of a vulnerable
adult. In addition, a banking organization may provide law
enforcement. agencies and social service officials responsible for
administering the provisions of this article with access to or copies
of historical records or recent transactions relevant to suspected
financial exploitation of a vulnerable adult.

A banking organization is not required to refuse to disburse funds
Pursuant to this act, but if such organization does so based on the
reasonable suspicion that financial exploitation may occur or has
occurred, or based on the information provided by a social services
official or law enforcement. agency, then such banking organization
shall report the incident to the responsible social services official.

Section 2: Amends banking Law section 4 to make conforming amendments
to this law so that it is consistent with the new provisions provided
for in the Social Services Law.

Section 3: Provides for an effective date of 180 days after this act
shall become a law.

JUSTIFICATION:

Persons over the age of 65 are the fastest growing segment of the
American population. While senior citizens constituted only 4% of the
total population in 1900, by 1994 the proportion of seniors in the


united States had grown to 12.5%. By 2050 almost 25% of all Americans
will be over age 65. This dramatic shift in population distribution
has produced tremendous upheavals in family structure and in our
societal response to the treatment and care of our senior population.
One problem faced by many seniors today is how to care for themselves
when their traditional network of support, their children and
grandchildren, are occupied with raising their own families and are
often spread out over a wide geographic area.

Evidence suggests that there may be a surprisingly high percentage of
senior citizens who are, either intentionally or unintentionally,
mistreated by family members or institutional caregivers or who of
their own volition, ate neglecting in their own basic custodial needs.
This maltreatment can take many forms, ranging from physical and
psychological abuse to neglect to financial abuse and exploitation.
While physical abuse and neglect would seem to be a more immediate
concern for the elderly than protecting their financial assets from
potential theft or conversion by relatives and caregivers, the loss of
one's financial assets can have an even more severe a long-term impact
on a senior's wellbeing and quality of Life as a physical injury or
abuse.

A 1990 congressional report also concluded that elder abuse is far
less likely to be reported than child abuse, estimating that only 1 in
8 cases of elder abuse, as compared with 1 in 3 cases of child abuse,
is ever reported to the authorities. Encouraging the reporting of
suspected financial exploitation of vulnerable adults, including the
elderly is an important public policy goal that should be achieved.
Currently, 42 states and the District of Columbia have statutes
requiring various professionals (typically health care professionals,
psychologists and social workers) to report known and suspected
incidents to prescribed public officials.

It should be understood that this bill provides protections for all
vulnerable adults that are protected under the Adult. Protective
Services Programs as provided for under Social Services Law Article
9-B, which includes all vulnerable adults that are 18 years of age or
older.

LEGISLATIVE HISTORY:

None

FISCAL IMPLICATIONS:

None.

EFFECTIVE DATE:

This act shall take effect on the 180th day after it shall become a
law.

view full text
download pdf
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 5779--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                              June 14, 2013
                               ___________

Introduced by Sens. ADAMS, KLEIN, DIAZ, PARKER -- read twice and ordered
  printed, and when printed to be committed to the Committee on Rules --
  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 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 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.
                                                           LBD11512-02-3

S. 5779--A                          2

REASONABLE  TO BELIEVE THAT FINANCIAL EXPLOITATION OF A VULNERABLE ADULT
HAS OCCURRED OR MAY OCCUR.
  (D)  A BANKING INSTITUTION SHALL NOT BE REQUIRED TO REFUSE TO DISBURSE
FUNDS PURSUANT TO THIS SECTION. SUCH A REFUSAL SHALL BE IN  THE  BANKING
INSTITUTION'S  DISCRETION,  BASED  ON  THE INFORMATION AVAILABLE TO SUCH
INSTITUTION.
  (E) ANY BANKING INSTITUTION WHICH REFUSES TO DISBURSE MONEYS  PURSUANT
TO THIS SUBDIVISION SHALL:
  (I)  MAKE A REASONABLE EFFORT TO PROVIDE NOTICE, ORALLY OR IN WRITING,
TO ALL PARTIES AUTHORIZED TO TRANSACT BUSINESS ON THE ACCOUNT FROM WHICH
DISBURSEMENT WAS REFUSED; AND
  (II) REPORT THE INCIDENT TO THE SOCIAL SERVICES  OFFICIAL  RESPONSIBLE
FOR ADMINISTERING ADULT PROTECTIVE SERVICES PURSUANT TO THIS ARTICLE FOR
THE AFFECTED VULNERABLE ADULT.
  (F)  THE REFUSAL TO DISBURSE MONEYS PURSUANT TO THIS SUBDIVISION SHALL
TERMINATE UPON THE EARLIER OF:
  (I) THE TIME AT WHICH THE BANKING INSTITUTION IS  SATISFIED  THAT  THE
DISBURSEMENT  WILL NOT RESULT IN THE FINANCIAL EXPLOITATION OF A VULNER-
ABLE ADULT; OR
  (II) THE ISSUANCE OF AN ORDER BY A COURT  OF  COMPETENT  JURISDICTION,
DIRECTING THE DISBURSAL OF THE MONEYS.
  (G)  A  BANKING INSTITUTION MAY PROVIDE ACCESS TO OR COPIES OF RECORDS
RELEVANT TO SUSPECTED FINANCIAL EXPLOITATION OF A  VULNERABLE  ADULT  TO
LAW  ENFORCEMENT  AGENCIES AND SOCIAL SERVICES OFFICIALS RESPONSIBLE FOR
ADMINISTERING THE PROVISIONS OF THIS ARTICLE. SUCH RECORDS  MAY  INCLUDE
RELEVANT   HISTORICAL   RECORDS  AND  RECENT  TRANSACTIONS  RELATING  TO
SUSPECTED FINANCIAL EXPLOITATION.
  (H) A BANKING INSTITUTION OR AN EMPLOYEE OF SUCH AN INSTITUTION  SHALL
BE  IMMUNE FROM CRIMINAL, CIVIL OR ADMINISTRATIVE LIABILITY FOR REFUSING
TO DISBURSE MONEYS OR DISBURSING MONEYS PURSUANT  TO  THIS  SUBDIVISION,
AND  FOR  ACTIONS  TAKEN IN FURTHERANCE OF THAT DETERMINATION, INCLUDING
THE MAKING OF A REPORT OR THE PROVIDING OF ACCESS TO OR COPIES OF  RELE-
VANT RECORDS TO A SOCIAL SERVICES OFFICIAL OR LAW ENFORCEMENT AGENCY, IF
SUCH  DETERMINATIONS  AND ACTIONS WERE MADE IN GOOD FAITH AND IN ACCORD-
ANCE WITH THE PROVISIONS OF THIS SUBDIVISION.
  S 2. Section 4 of the banking law is amended by adding a new  subdivi-
sion 4 to read as follows:
  4.  A  BANKING INSTITUTION OR AN EMPLOYEE OF SUCH AN INSTITUTION SHALL
BE IMMUNE FROM CRIMINAL, CIVIL OR ADMINISTRATIVE LIABILITY FOR  REFUSING
TO DISBURSE MONEYS OR DISBURSING MONEYS PURSUANT TO SUBDIVISION EIGHT OF
SECTION  FOUR  HUNDRED SEVENTY-THREE OF THE SOCIAL SERVICES LAW, AND FOR
ACTIONS TAKEN IN FURTHERANCE OF THAT DETERMINATION, INCLUDING THE MAKING
OF A REPORT OR THE PROVIDING OF ACCESS TO OR COPIES OF RELEVANT  RECORDS
TO  A SOCIAL SERVICES OFFICIAL OR LAW ENFORCEMENT AGENCY, IF SUCH DETER-
MINATIONS AND ACTIONS WERE MADE IN GOOD FAITH  AND  IN  ACCORDANCE  WITH
SUBDIVISION  EIGHT  OF  SECTION FOUR HUNDRED SEVENTY-THREE OF THE SOCIAL
SERVICES LAW. FOR PURPOSES OF THIS SUBDIVISION, THE TERM "BANKING INSTI-
TUTION" SHALL MEAN ANY STATE OR FEDERALLY CHARTERED BANK, TRUST COMPANY,
SAVINGS BANK, SAVINGS AND LOAN ASSOCIATION OR, CREDIT UNION.
  S 3. This act shall take effect on the one hundred eightieth day after
it shall have become a law.

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