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.

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.