Bill
A 7019
Overview: Bill Number: A 7019, Title: Establishes protections for eligible adults from financial exploitation, Status: REFERRED TO BANKS, Introduced: March 18, 2025Purpose and Inte
Overview: Bill Number: A 7019, Title: Establishes protections for eligible adults from financial exploitation, Status: REFERRED TO BANKS, Introduced: March 18, 2025
Purpose and Intent: This legislation aims to protect vulnerable adults, particularly the elderly and those with disabilities, from financial exploitation and abuse. The primary goal is to provide a legal framework and reporting mechanisms to identify, investigate, and address cases of financial exploitation, ensuring that eligible adults can maintain their financial independence and security.
Key Provisions:
- Defines "eligible adults" as individuals aged 65 or older, or adults with physical or cognitive impairments that make them vulnerable to exploitation
- Requires financial institutions to report suspected cases of financial exploitation to a designated state agency
- Authorizes the state agency to investigate reported cases and take appropriate protective actions, such as freezing assets or removing perpetrators from positions of trust
- Establishes civil and criminal penalties for individuals found guilty of financially exploiting eligible adults
Affected Parties and Impacts:
- Eligible adults, who would benefit from increased protections against financial exploitation and abuse
- Financial institutions, which would be required to train staff and implement reporting procedures to identify and address suspected cases of exploitation
- State agencies responsible for investigating and responding to reports of financial exploitation, who would receive additional resources and authority to intervene
- Perpetrators of financial exploitation, who would face legal consequences for their actions
Procedural and Timeline Considerations:
The bill is currently in the REFERRED TO BANKS stage, meaning it has been assigned to the state legislature's banking committee for initial review and consideration. If passed by the committee, the bill would then move to a full floor vote in the state assembly and senate.
Compiled from official sources — confirm details with the bill’s official record.
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