Protects vulnerable adults from financial exploitation by allowing financial institutions to delay transactions.

The bill introduces measures to protect vulnerable adults from financial exploitation by enabling financial institutions to delay disbursements or transactions if they suspect exploitation. A financial institution may delay a transaction if they reasonably believe exploitation may have occurred, is occurring, or is being attempted. The institution must notify the Commissioner of Financial Services and any relevant adult protective services agency. The delay can last up to 21 business days or until the institution determines the transaction will not result in exploitation.

Protects vulnerable adults from financial exploitation by allowing financial institutions to delay transactions.

The bill introduces measures to protect vulnerable adults from financial exploitation by enabling financial institutions to delay disbursements or transactions if they suspect exploitation. A financial institution may delay a transaction if they reasonably believe exploitation may have occurred, is occurring, or is being attempted. The institution must notify the Commissioner of Financial Services and any relevant adult protective services agency. The delay can last up to 21 business days or until the institution determines the transaction will not result in exploitation.