Bill Text: NH SB385 | 2022 | Regular Session | Enrolled
Bill Title: Relative to financial exploitation of vulnerable adults.
Spectrum: Slight Partisan Bill (Republican 11-7)
Status: (Passed) 2022-07-07 - Signed by the Governor on 07/01/2022; Chapter 0317; Effective 07/01/2022 [SB385 Detail]
Download: New_Hampshire-2022-SB385-Enrolled.html
SB 385-FN - VERSION ADOPTED BY BOTH BODIES
02/16/2022 0653s
2022 SESSION
22-2876
07/08
SENATE BILL 385-FN
AN ACT relative to financial exploitation of vulnerable adults.
SPONSORS: Sen. Bradley, Dist 3; Sen. Hennessey, Dist 1; Sen. Rosenwald, Dist 13; Sen. Gray, Dist 6; Sen. Watters, Dist 4; Sen. Avard, Dist 12; Sen. Soucy, Dist 18; Sen. Birdsell, Dist 19; Sen. Carson, Dist 14; Sen. Sherman, Dist 24; Sen. Cavanaugh, Dist 16; Sen. Gannon, Dist 23; Sen. Prentiss, Dist 5; Sen. Giuda, Dist 2; Rep. Hunt, Ches. 11; Rep. Osborne, Rock. 4; Rep. Potucek, Rock. 6; Rep. Bartlett, Merr. 19
COMMITTEE: Commerce
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ANALYSIS
This bill establishes the duties and procedures relative to the financial exploitation of vulnerable adults.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
02/16/2022 0653s 22-2876
07/08
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Twenty Two
AN ACT relative to financial exploitation of vulnerable adults.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 New Section; Financial Exploitation of Vulnerable Adults. Amend RSA 383-A by inserting after section 5-511 the following new section:
383-A:5-511-a Financial Exploitation of Vulnerable Adults.
I. For the purposes of this section, the following words shall have the following meaning unless the context clearly indicates otherwise:
(a) "Eligible adult" shall mean:
(i) A person 65 years of age or older; or
(ii) A person, 18 years of age or older, who is "vulnerable" as defined in RSA 161-F:43, VII.
(b) "Financial exploitation" shall mean:
(i) The wrongful or unauthorized taking, withholding, appropriation, or use of money, assets, or property of an eligible adult; or
(ii) Any act or ommission by a person whether direct or through the use of a power of attorney, guardianship, or conservatorship of an eligible adult, intended to:
(A) Obtain control over the eligible adult’s money, assets, or property through deception, intimidation, or undue influence, in order to deprive the eligible adult of the ownership, use, benefit, or possession of his or her money, assets, or property; or
(B) Convert money, assets, or property of the eligible adult to deprive such eligible adult of the ownership, use, benefit, or possession of his or her money, assets, or property.
(c) “Qualified individual” means any agent, employee, or person who serves in a supervisory, compliance, or legal capacity for a financial institution.
II. If a financial institution or qualified individual reasonably believes that financial exploitation of an eligible adult may have occurred, may have been attempted, or is being attempted, the financial institution or qualified individual may promptly notify:
(a) The commissioner, provided nothing in this section shall affect the reporting requirements of RSA 161-F; and
(b) Any third party previously designated by the eligible adult, provided that disclosure shall not be made to any designated third party that is suspected of financial exploitation or other abuse of the eligible adult.
III. A qualified individual that, in good faith and exercising reasonable care, makes a disclosure of information pursuant to RSA 383-A:5-511-A, II shall be immune from administrative or civil liability that might otherwise arise from such disclosure or for any failure to notify the customer of the disclosure.
IV. A financial institution may delay a disbursement from an account of an eligible adult or an account on which an eligible adult is a beneficiary if the financial institution or qualified individual of the financial institution, reasonably believes, after initiating an internal review of the requested disbursement and the suspected financial exploitation, that the requested disbursement may result in financial exploitation of an eligible adult, and the financial institution or qualified individual:
(a) Provides written notification of the delay and the reason for the delay to all parties authorized to transact business on the account not more than 2 business days after the requested disbursement, unless any such party is reasonably believed to have engaged in suspected or attempted financial exploitation of the eligible adult;
(b) Provides notification of such delay to the department of health and human services with a copy of such notice to the commissioner, not more than 2 business days after the requested disbursement; and
(c) Continues its internal review of the suspected or attempted financial exploitation of the eligible adult, as necessary, and reports the investigation's results to the commissioner within 7 business days after the day the financial institution or qualified individual first delayed disbursement of the funds.
V. No delay of a disbursement shall continue past the earlier of either:
(a) The time required by the financial institution or qualified individual to make a determination that the disbursement will not result in financial exploitation of the eligible adult; or
(b) Fifteen business days after the date on which the financial institution or qualified individual first delayed disbursement of the funds.
VI. A court of competent jurisdiction may enter an order extending the delay of the disbursement of funds or may order other protective relief upon the petition of the financial institution, or the qualified individual that initiated the delay under RSA 383-A:5-511-A, IV, or other interested party.
VII. A financial institution or qualified individual that, in good faith and exercising reasonable care, complies with RSA 383-B:5-511-A, IV and V shall be immune from any administrative or civil liability that might otherwise arise from such delay in a disbursement in accordance with this section.
VIII. A financial institution or qualified individual shall provide access to or copies of records that are relevant to the suspected or attempted financial exploitation of an eligible adult to law enforcement, either as part of a referral to law enforcement, or upon request of law enforcement pursuant to an investigation. The records may include historical records as well as records relating to the most recent transaction that may comprise financial exploitation of an eligible adult. Any records made available to law enforcement under this section shall not be considered a “governmental record” as defined in RSA 91-A. Nothing in this provision shall limit or otherwise impede the authority of the commissioner to access or examine the books and records of financial institutions as otherwise provided by law.
2 Financial Exploitation of Vulnerable Adults Report. By October 1, 2022, the department of health and human services, in consultation with the commissioner and the attorney general, shall provide a report to the chair of the senate health and human services committee, chair of the house health, human services, and elderly affairs committee, and the governor that identifies the number of reports received under RSA 383-A:5-511-a, II(a) and IV(b), and includes a recommendation regarding whether financial exploitation may be further reduced by extending the authority granted under RSA 383-A:5-511-a, VI to include the department of health and human services.
3 Effective Date. This act shall take effect upon its passage.
22-2876
Amended 3/8/22
SB 385-FN- FISCAL NOTE
AS AMENDED BY THE SENATE (AMENDMENT #2022-0653s)
AN ACT relative to financial exploitation of vulnerable adults.
FISCAL IMPACT: [ X ] State [ ] County [ ] Local [ ] None
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| Estimated Increase / (Decrease) | |||
STATE: | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
Appropriation | $0 | $0 | $0 | $0 |
Revenue | $0 | Indeterminable Increase | Indeterminable Increase | Indeterminable Increase |
Expenditures | $0 | Indeterminable Increase | Indeterminable Increase | Indeterminable Increase |
Funding Source: | [ X ] General [ ] Education [ ] Highway [ X ] Other - Banking Department Assessments, Federal Funds | |||
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METHODOLOGY:
This bill establishes the duties and procedures relative to the financial exploitation of vulnerable
adults. The Banking Department indicates this bill may result in an increase in consumer complaints received, but the amount of increase would be pure speculation. If it resulted in a significantly higher number of consumer complaints and related investigations, the Department may require additional staff or staff time to handle such complaints, investigations and related enforcement actions. The Department states any possible increase is indeterminable at this time. Any additional fees generated from fines would reduce dollar for dollar, the annual assessment imposed in accordance with RSA 383:11,II. Comparatively, any potential increase in Department expenses due to the need for increased staff or staff time, would increase the Department costs charged to the regulated and licensed entities by way of the annual assessment.
The Department of Health and Human Services indicates there would be minimal fiscal impact to the Department based on an indeterminable increase in notifications from financial institutions. The Department anticipates it will be able to perform the duties and responsibilities required by the bill using existing resources, but may need additional Adult Protective Service Worker positions in the future based on the findings and recommendations in the Department’s report as required by the bill. Any additional staffing and related costs would need to be addressed in the Department's FY 2024-2025 operating budget request.
It is assumed that any fiscal impact would occur after FY 2022.
AGENCIES CONTACTED:
Banking Department and Department of Health and Human Services
