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MaineLD 1445132nd Maine Legislature (2025-2026)SenateWALLET

An Act to Prevent Financial Exploitation of Vulnerable Adults

Sponsored By: Anne M. Carney (Democratic)

Became Law

FINANCIAL PRACTICESFINANCIAL PRACTICES - TRANSACTIONS

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Bill Overview

Analyzed Economic Effects

4 provisions identified: 2 benefits, 1 costs, 1 mixed.

Banks can share records to stop abuse

Banks and credit unions can share financial records to help stop exploitation of vulnerable adults. If they have reasonable cause to believe a withdrawal requested by someone age 62 or older may lead to exploitation, they can send records to the Maine Attorney General or to police. If they reasonably suspect an incapacitated or dependent adult faces abuse, neglect, or financial exploitation, they can share records with the Department of Health and Human Services under Title 22, section 3479. This access helps the state investigate and act quickly.

Banks can pause risky withdrawals for seniors

Banks and credit unions can delay a withdrawal if they reasonably believe it may exploit an eligible adult (65+ or protected under the Adult Protective Services Act). They must tell the account holder and any authorized parties within 2 business days, unless someone is suspected of the abuse. They must also tell the Attorney General within 2 business days and report their review results within 7 business days. The delay ends when no risk is found or after 15 business days, unless a court extends it. Institutions can refer the case to police and share records for the investigation, and those records are confidential. Banks acting in good faith under these rules are immune from civil or administrative liability.

Add a trusted contact to your account

You can ask your bank or credit union to list a trusted contact for your account. This person cannot be a co-owner, beneficiary, or fiduciary. The bank uses this contact to check on possible exploitation or to confirm your contact, health, or fiduciary information. If the bank offers this option, it must give you its written policy.

Tax agency can get bank records for debts

The Maine tax agency can request bank records to set up, change, or collect state tax debts. Banks and credit unions may share account information in response. This mainly affects people who owe Maine taxes.

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

  1. ACTPUB Chapter 215

    5/1/2026

  2. PASSED TO BE ENACTED, in concurrence.

    6/2/2025Senate

  3. PASSED TO BE ENACTED. Sent for concurrence. ORDERED SENT FORTHWITH.

    5/29/2025House

  4. CONSENT 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.

    5/28/2025House

  5. Report 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.

    5/27/2025Senate

  6. The Bill was REFERRED to the Committee on HEALTH COVERAGE, INSURANCE AND FINANCIAL SERVICES.In concurrence. ORDERED SENT FORTHWITH.

    4/8/2025House

  7. Committee 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

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