senate Bill S1093

2017-2018 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 Senate Committee Aging Committee


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

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Actions

view actions (10)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 03, 2018 referred to aging
returned to senate
died in assembly
Mar 02, 2017 referred to aging
delivered to assembly
passed senate
Mar 01, 2017 advanced to third reading
Feb 28, 2017 2nd report cal.
Feb 14, 2017 1st report cal.244
Jan 06, 2017 referred to aging

Co-Sponsors

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S1093 (ACTIVE) - Details

Current Committee:
Senate Aging
Law Section:
Social Services Law
Laws Affected:
Amd §473, Soc Serv L; amd §4, Bank L
Versions Introduced in Other Legislative Sessions:
2013-2014: S6221
2015-2016: S639

S1093 (ACTIVE) - Summary

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

S1093 (ACTIVE) - Sponsor Memo

S1093 (ACTIVE) - Bill Text download pdf


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

                                  1093

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                             January 6, 2017
                               ___________

Introduced  by  Sens. VALESKY, ADDABBO, AVELLA, CARLUCCI, SERINO -- 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

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD06983-01-7

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