NY State Senate Bill 2017-S8754

Senate Bill S8754

2017-2018 Legislative Session

Relates to the report of suspected financial exploitation

download bill text pdf

Archive: Last Bill Status - In Senate Committee Banks 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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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
May 10, 2018	referred to banks

2017-S8754 (ACTIVE) - Details

See Assembly Version of this Bill:: A6395
Current Committee:: Senate Banks
Law Section:: Banking Law
Laws Affected:: Add §9-x, Bank L
Versions Introduced in Other Legislative Sessions:: 2011-2012: A10358
2013-2014: A1783
2015-2016: A5349
2019-2020: A6767

2017-S8754 (ACTIVE) - Summary

Relates to the report of suspected financial exploitation; requires the superintendent of the department of financial services to develop guidelines relating to reporting suspected financial exploitation; provides that a third party who reports suspected financial abuse shall have immunity from any civil or criminal liability as a result.

2017-S8754 (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S8754

SPONSOR: SEPULVEDA
 
TITLE OF BILL:

An act to amend the banking law, in relation to reporting of suspected
financial exploitation

 
PURPOSE:

To encourage voluntary reporting of suspected financial exploitation.

 
SUMMARY OF PROVISIONS:

This bill would direct the Superintendent of the Department of Financial
Services to develop guidelines for reporting suspected financial exploi-
tation in consultation with the State Office for the Aging, NYS Attorney
General, representatives of the financial services industry, law
enforcement, senior groups, disability groups, and district attorneys.

This bill would also direct the Superintendent, along with the other

groups who assisted with developing the guidelines, to also develop
training materials to be made available to banks to train their staff
and brochures for bank patrons regarding the signs of elder abuse.

Additionally, this bill would provide protection from state liability
for banking institutions that make a report of suspected financial
exploitation in accordance with the guidelines provided.

 
JUSTIFICATION:

Financial exploitation is a large and quickly growing segment of elder
abuse. Financial institutions are often in a prime position to notice
changes in behavior or suspicious patterns of withdrawals and invest-
ments. Fear of being sued, especially if the abuser is a family member,
has been raised as a barrier to voluntary reporting by employees of
financial institutions. This bill would protect those who report
suspected financial exploitation, but only if the report is made by
following guidelines set by the Department of Financial Services.

 
LEGISLATIVE HISTORY:

2013-14 A.1783.B - Passed in Assembly
2015-16 - A5349B - Reported

 
FISCAL IMPLICATIONS:

To be determined.

 
EFFECTIVE DATE:
The act shall take effect on the 90th day.

2017-S8754 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8754
 
                             I N  S E N A T E
 
                               May 10, 2018
                                ___________
 
 Introduced by Sen. SEPULVEDA -- read twice and ordered printed, and when
   printed to be committed to the Committee on Banks
 
 AN  ACT  to amend the banking law, in relation to reporting of suspected
   financial exploitation
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.  The banking law is amended by adding a new section 9-x to
 read as follows:
   § 9-X. REPORTING OF SUSPECTED FINANCIAL EXPLOITATION. 1. FOR  PURPOSES
 OF THIS SECTION, THE FOLLOWING TERMS SHALL HAVE THE FOLLOWING MEANINGS:
   (A)  "FINANCIAL  EXPLOITATION" SHALL MEAN ACTIVITY PROHIBITED PURSUANT
 TO SECTIONS 190.25, 190.26,  190.60,  190.65,  190.78,  190.79,  190.80,
 190.80-A,  190.81, 190.82, AND 190.83 OF THE PENAL LAW OR ACTIVITY MEANT
 TO DEPRIVE AN INDIVIDUAL OF ASSETS OR PROPERTY BY  DECEPTIVE,  MANIPULA-
 TIVE, OR OTHER ILLEGAL MEANS.
   (B)  "BANKING INSTITUTION" SHALL HAVE THE SAME MEANING AS IN PARAGRAPH
 (B) OF SUBDIVISION THREE OF SECTION NINE-F OF THIS CHAPTER.
   (C) "SUPERINTENDENT" SHALL MEAN THE SUPERINTENDENT OF  THE  DEPARTMENT
 OF FINANCIAL SERVICES.
   2. THE SUPERINTENDENT, IN CONSULTATION WITH THE DIRECTOR OF THE OFFICE
 FOR  THE  AGING,  THE ATTORNEY GENERAL, REPRESENTATIVES OF THE FINANCIAL
 SERVICES INDUSTRY, LAW ENFORCEMENT, SENIOR  GROUPS,  DISABILITY  GROUPS,
 AND  DISTRICT  ATTORNEYS, SHALL DEVELOP GUIDELINES RELATING TO REPORTING
 SUSPECTED FINANCIAL EXPLOITATION. SUCH GUIDELINES SHALL INCLUDE, BUT NOT
 BE LIMITED TO:
   (A) THE TYPES OF WARNING SIGNS AND EVIDENCE THAT WOULD  BE  ACCEPTABLE
 INDICATORS OF FINANCIAL EXPLOITATION;
   (B) WHEN SUSPECTED FINANCIAL EXPLOITATION SHOULD BE REPORTED;
   (C) TO WHOM SUSPECTED FINANCIAL EXPLOITATION SHOULD BE REPORTED;
   (D)  INFORMATION  THAT  SHOULD  BE  INCLUDED  IN A REPORT OF SUSPECTED
 FINANCIAL ABUSE; AND
   (E) THE APPLICABLE LAWS, RULES AND REGULATIONS THAT MUST  BE  FOLLOWED
 WHILE REPORTING SUSPECTED FINANCIAL ABUSE.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

                                                            LBD07199-01-7

 S. 8754                             2
 
   3. THE SUPERINTENDENT, IN CONSULTATION WITH THE DIRECTOR OF THE OFFICE
 FOR  THE  AGING,  THE ATTORNEY GENERAL, REPRESENTATIVES OF THE FINANCIAL
 SERVICES INDUSTRY, LAW ENFORCEMENT, SENIOR GROUPS, DISABILITY GROUPS AND
 DISTRICT ATTORNEYS,  SHALL  DEVELOP  (I)  TRAINING  FOR  BANK  EMPLOYEES
 CONCERNING  THE GUIDELINES DEVELOPED PURSUANT TO SUBDIVISION TWO OF THIS
 SECTION THAT SHALL INCLUDE DISABILITY  LITERACY  TRAINING;  AND  (II)  A
 BROCHURE  EDUCATING  BANK CUSTOMERS REGARDING THE REPORTING OF FINANCIAL
 EXPLOITATION AND HOW TO REPORT THAT THEY ARE BEING EXPLOITED.
   4. A BANKING INSTITUTION LOCATED OR DOING BUSINESS IN THIS STATE OR AN
 EMPLOYEE THEREOF WHO, ACTING REASONABLY AND IN GOOD FAITH IN  ACCORDANCE
 WITH  THESE  GUIDELINES,  REPORTS  SUSPECTED  FINANCIAL ABUSE SHALL HAVE
 IMMUNITY FROM ANY CIVIL LIABILITY THAT MIGHT OTHERWISE RESULT BY  REASON
 OF SUCH ACTIONS.
   5.  THE  SUPERINTENDENT  IS  DIRECTED TO PROMULGATE ANY RULES OR REGU-
 LATIONS NECESSARY TO CARRY OUT THE PROVISIONS OF THIS SECTION.
   § 2. This act shall take effect on the ninetieth day  after  it  shall
 have become a law.

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