Financial abuse of elders and dependent adults: liability for fraudulent transactions.
California AB909 addresses financial abuse of elders and dependent adults by limiting liability for victims of fraudulent transactions. It defines "injured consumer" as a victim of elder or dependent adult abuse in a fraudulently induced transaction. The bill sets a maximum liability of $50 or the amount obtained in the transaction, whichever is less, for injured consumers. Financial institutions must investigate claims of fraudulent transactions and provisionally recredit accounts if the consumer is deemed injured.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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