California AB871 mandates financial institutions to report suspected financial abuse of elders or dependent adults.

California AB871 amends the Welfare and Institutions Code to require financial institutions to report suspected financial abuse of elders or dependent adults. Mandated reporters include all officers and employees of financial institutions. They must report suspected abuse by telephone or internet within 48 hours to the Federal Bureau of Investigation Internet Crime Complaint Center and local authorities. Financial institutions must notify the affected elder or dependent adult of the report. Failure to report can result in civil penalties up to $5,000 for willful violations.

California AB871 mandates financial institutions to report suspected financial abuse of elders or dependent adults.

California AB871 amends the Welfare and Institutions Code to require financial institutions to report suspected financial abuse of elders or dependent adults. Mandated reporters include all officers and employees of financial institutions. They must report suspected abuse by telephone or internet within 48 hours to the Federal Bureau of Investigation Internet Crime Complaint Center and local authorities. Financial institutions must notify the affected elder or dependent adult of the report. Failure to report can result in civil penalties up to $5,000 for willful violations.