An Act to Prevent Financial Exploitation of Vulnerable Adults
Sponsored By: Anne M. Carney (Democratic)
Signed by Governor
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Bill Overview
Analyzed Economic Effects
3 provisions identified: 2 benefits, 0 costs, 1 mixed.
Faster help for risky 62+ withdrawals
Banks and credit unions may share financial records with the Attorney General or law enforcement when they reasonably believe a disbursement by someone age 62 or older may lead to exploitation. This disclosure helps quick review or an investigation, even if no account hold is used.
Who is protected and trusted contacts at banks
The law defines who is protected and what counts as financial exploitation. An eligible adult is age 65+ or covered by the Adult Protective Services Act. Exploitation includes taking money or assets without permission, or using deception, intimidation, or undue influence to gain control. Banks may set a written policy so customers can name at least one trusted contact for each account. A trusted contact cannot be a co-owner, beneficiary, or fiduciary, and the bank must give you the policy if it uses one.
Banks can pause risky withdrawals for vulnerable adults
The law lets banks and credit unions pause a disbursement when they reasonably believe it may exploit an eligible adult. An eligible adult is age 65+ or protected under the Adult Protective Services Act. The bank must tell the customer and other authorized parties (except anyone suspected) within 2 business days, and tell the Attorney General within 2 business days. It must finish an internal review and report results to the Attorney General within 7 business days. The pause ends when the risk is cleared or after 15 business days, unless a court extends it. The bank may refer the case to law enforcement and share relevant records; those records are confidential. Banks that act in good faith under these rules are protected from civil and administrative lawsuits.
Sponsors & Cosponsors
Sponsor
Anne M. Carney
Democratic • Senate
Cosponsors
Donna Bailey
Democratic • Senate
Holly Stover
Democratic • House
Jill C. Duson
Democratic • Senate
Marianne Moore
Republican • Senate
Mark Babin
Republican • House
Michelle Boyer
Democratic • House
Nicole C. Grohoski
Democratic • Senate
Richard A. Bennett
Independent • Senate
Ryan Fecteau
Democratic • House
Roll Call Votes
No roll call votes available for this bill.
Actions Timeline
Signed by Governor, ACTPUB Chapter 215
6/9/2025PASSED TO BE ENACTED, in concurrence.
6/2/2025SenatePASSED TO BE ENACTED. Sent for concurrence. ORDERED SENT FORTHWITH.
5/29/2025HouseCONSENT CALENDAR - FIRST DAYUnder suspension of the rules CONSENT CALENDAR - SECOND DAY.The Bill was PASSED TO BE ENGROSSED as Amended by Committee Amendment "A" (S-147).In concurrence. ORDERED SENT FORTHWITH.
5/28/2025HouseReport READ and ACCEPTED.READ ONCE.Committee Amendment "A" (S-147) READ and ADOPTED.Under suspension of the Rules, READ A SECOND TIME and PASSED TO BE ENGROSSED AS AMENDED BY Committee Amendment "A" (S-147).Ordered sent down forthwith for concurrence.
5/27/2025SenateThe Bill was REFERRED to the Committee on HEALTH COVERAGE, INSURANCE AND FINANCIAL SERVICES.In concurrence. ORDERED SENT FORTHWITH.
4/8/2025HouseCommittee on HEALTH COVERAGE, INSURANCE AND FINANCIAL SERVICES suggested and ordered printed REFERENCE to the Committee on HEALTH COVERAGE, INSURANCE AND FINANCIAL SERVICES Ordered sent down forthwith for concurrence
4/8/2025Senate
Bill Text
Amendment C-A (S-147), adopted by House & Senate
Enacted
Introduced
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