LD1445

Maine LD1445 allows financial institutions to report and delay transactions suspected of financial exploitation of vulnerable adults.

Maine LD1445 authorizes financial institutions and credit unions to report suspected financial exploitation of adults aged 60 and older to the Office of the Attorney General. It allows these institutions to delay account disbursements if they reasonably believe the transaction may result in financial exploitation. The bill defines "eligible adult" and "financial exploitation," and provides immunity from liability for institutions acting in good faith. It also allows institutions to designate trusted contact persons for account holders to facilitate communication about potential exploitation.