senate Bill S6451

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 - In Committee


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

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 24, 2014 referred to aging

S6451 - Details

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

S6451 - Summary

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

S6451 - Sponsor Memo

S6451 - Bill Text download pdf

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

                                  6451

                            I N  S E N A T E

                            January 24, 2014
                               ___________

Introduced  by  Sen.  ZELDIN -- 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 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 9 to read as follows:
  9. (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.
  (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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11512-03-4

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