A4541

New Jersey A4541 mandates financial institutions to release records and delay transactions for vulnerable and senior customers under suspicious.

New Jersey A4541 amends existing law to require financial institutions to release financial records to a county adult protective services provider when suspecting fraud involving vulnerable or senior customers. The provider is then authorized to release these records to a law enforcement agency if necessary. The bill also mandates financial institutions to delay financial transactions under suspicious circumstances and provides immunity for actions taken in good faith. It requires training for employees to recognize signs of financial exploitation and how to report suspected exploitation.