Establishes protections for adults aged 60 or older, or those aged 18 and older with mental or physical impairments, against financial exploitation.

New York Senate Bill S06379 aims to protect adults aged 60 or older, or those aged 18 and older with mental or physical impairments, from financial exploitation. The bill amends the general business law, banking law, and social services law to allow financial institutions to place transaction holds on accounts if they reasonably believe exploitation is occurring. Institutions must notify relevant authorities and provide necessary records. The bill also mandates training for employees and outlines procedures for handling suspected exploitation.

Establishes protections for adults aged 60 or older, or those aged 18 and older with mental or physical impairments, against financial exploitation.

New York Senate Bill S06379 aims to protect adults aged 60 or older, or those aged 18 and older with mental or physical impairments, from financial exploitation. The bill amends the general business law, banking law, and social services law to allow financial institutions to place transaction holds on accounts if they reasonably believe exploitation is occurring. Institutions must notify relevant authorities and provide necessary records. The bill also mandates training for employees and outlines procedures for handling suspected exploitation.