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

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Aging Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2017-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

2017-S1093 (ACTIVE) - Summary

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

2017-S1093 (ACTIVE) - Sponsor Memo

2017-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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