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Bill

S 741

Relates to the payment of real property and school district taxes in installments

2025 Regular Session Introduced by Lea Webb

Requires financial institutions to report suspected financial exploitation of seniors and disabled adults and allows delaying suspicious transactions to protect them.

SIGNED CHAP.73
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WeVote Research Nonpartisan
Bill Summary · S 741

Summary — S.741: "An Act protecting seniors and adults with disabilities from financial exploitation"

Status: Signed into law (Chapter 73) — delivered to the Governor 02/12/2025; signed 02/14/2025. Introduced in the Senate by Paul R. Feeney (with co‑petitioners James B. Eldridge, Marcus S. Vaughn, Steven S. Howitt, Brian M. Ashe). Additional sponsor listings include Lea Webb (primary) and David H. McCormick (cosponsor). Bill text inserts a new Chapter 110I into the Massachusetts General Laws.

Purpose / Intent

To reduce and respond to financial exploitation of "eligible adults" by (1) requiring reporting by certain financial‑sector personnel, (2) authorizing financial institutions to delay suspicious transactions for a limited time, and (3) facilitating disclosure of records to investigators and protective agencies.

Key definitions

  • Eligible adult: a person aged 60 or older, or a disabled person as defined in chapter 19C.
  • Financial exploitation: wrongful or unauthorized taking/use of an eligible adult’s money, assets, or property, including via undue influence, deception, or misuse of powers (e.g., POA, guardianship).
  • Qualified individual: an agent, investment adviser representative, bank employee, or person in a supervisory, compliance, or legal role at a financial institution.
  • Adult protective services agency and Secretary: agencies/offices responsible for investigating abuse/exploitation and the Secretary of the Commonwealth (or designee).

Major provisions

  • Mandatory reporting: A qualified individual who has reasonable cause to believe exploitation has occurred, is attempted, or is occurring must promptly notify the Secretary and any relevant adult protective services agency.
  • Content of reports: Written/form reports must include, where possible, the eligible adult’s name/address, caretaker information, age, nature/extent of harm, and other pertinent details or items required by the Secretary.
  • Notification to designated third parties: Qualified individuals may notify any third party previously designated by the eligible adult, unless that party is suspected of exploitation.
  • Transaction delay authority: A financial institution may delay a disbursement/transaction if, after an internal review, there is reasonable cause to believe the transaction may lead to exploitation.
    • Required actions if delayed:
    • Within 2 business days, notify authorized account parties (unless suspected of abuse) in writing of the delay and reason.
    • Within 2 business days, notify the Secretary and relevant adult protective services agency using the required form.
    • Complete internal review and report results to the Secretary and agency within 7 business days of the requested transaction.
    • Delay expires on the earlier of (a) a determination that exploitation will not occur, or (b) 15 business days after the first delay. A court may extend the delay or grant other protective relief on petition (Secretary, agency, financial institution, or other interested party).
  • Records access: Financial institutions must provide records relevant to suspected exploitation to the Secretary, adult protective services agencies, or law enforcement for investigations (text provided was truncated, so additional confidentiality/record‑use provisions may appear in the full law).

Who is affected

  • Eligible adults (seniors and persons with disabilities) — increased protections.
  • Financial institutions and their employees, agents, investment adviser representatives, and compliance/legal staff — new reporting duties and authority to delay transactions.
  • Adult protective services agencies, the Secretary of the Commonwealth, and law enforcement — receive reports and investigative access.
  • Designated third parties and authorized account holders — may receive notifications or be excluded when suspected of exploitation.

Timelines and procedural notes

  • Reports to Secretary/agency: “prompt” (practical deadlines in delay context: within 2 business days).
  • Investigation reporting from financial institutions: within 7 business days of the requested transaction.
  • Maximum administrative delay without court order: 15 business days (court may extend).

Note: Section 6 and subsequent portions of the bill text were truncated in the provided copy; this summary is based on the available text and may not reflect any additional confidentiality, immunity, or record‑retention provisions contained in the complete statute.

Compiled from official sources — confirm details with the bill’s official record.

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