Bill
AB 909
Overview: AB 909, "Financial abuse of an elder or dependent adult: fraudulent transactions: liability", was re-referred to the Committee on Banking and Finance. It was introduced o
Overview: AB 909, "Financial abuse of an elder or dependent adult: fraudulent transactions: liability", was re-referred to the Committee on Banking and Finance. It was introduced on February 19, 2025.
Purpose and Intent: The bill aims to address financial abuse of elders and dependent adults by imposing liability for fraudulent transactions.
Key Provisions:
- Establishes liability for financial institutions and other entities that facilitate fraudulent transactions involving the financial assets of elders or dependent adults.
- Requires financial institutions to implement policies and procedures to prevent, detect, and report financial abuse.
- Allows elders or dependent adults, or their representatives, to seek civil remedies against entities that fail to prevent or report financial abuse.
Affected Parties and Impacts:
- Elders and dependent adults who are vulnerable to financial abuse would be protected by the bill's provisions.
- Financial institutions and other entities that handle the financial assets of elders and dependent adults would be required to implement new policies and procedures to prevent and report financial abuse.
Procedural and Timeline Considerations:
The bill has been re-referred to the Committee on Banking and Finance for further consideration.
Compiled from official sources — confirm details with the bill’s official record.
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