Bill Text: NY A04177 | 2023-2024 | General Assembly | Introduced

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Bill Title: Relates to the reporting of suspected financial exploitation; requires the superintendent of the department of financial services to develop guidelines relating to reporting suspected financial exploitation; provides that a third party who reports suspected financial abuse shall have immunity from any civil or criminal liability as a result.

Spectrum: Partisan Bill (Democrat 4-0)

Status: (Introduced) 2024-01-03 - referred to codes [A04177 Detail]

Download: New_York-2023-A04177-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          4177

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                    February 10, 2023
                                       ___________

        Introduced  by M. of A. HUNTER, FAHY, DICKENS, DINOWITZ -- read once and
          referred to the Committee on Banks

        AN ACT to amend the banking law, in relation to reporting  of  suspected
          financial exploitation

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. The banking law is amended by adding a new section 9-aa  to
     2  read as follows:
     3    § 9-aa. Reporting of suspected financial exploitation. 1. For purposes
     4  of this section, the following terms shall have the following meanings:
     5    (a)  "financial  exploitation" shall mean activity prohibited pursuant
     6  to sections 190.25, 190.26,  190.60,  190.65,  190.78,  190.79,  190.80,
     7  190.80-a,  190.81, 190.82, and 190.83 of the penal law or activity meant
     8  to deprive an individual of assets or property by  deceptive,  manipula-
     9  tive, or other illegal means.
    10    (b) "financial institution" shall mean any banking institution, credit
    11  union, investment brokerage, and any other entity licensed by the super-
    12  intendent.
    13    (c)  "superintendent"  shall mean the superintendent of the department
    14  of financial services.
    15    2. The superintendent, in consultation with the director of the office
    16  for the aging, the attorney general, representatives  of  the  financial
    17  services  industry,  law enforcement, senior groups, and district attor-
    18  neys, shall develop guidelines relating to reporting suspected financial
    19  exploitation. Such guidelines shall include, but not be limited to:
    20    (a) the types of warning signs and evidence that would  be  acceptable
    21  indicators of financial exploitation;
    22    (b) when suspected financial exploitation should be reported;
    23    (c) to whom suspected financial exploitation should be reported;
    24    (d)  information  that  should  be  included  in a report of suspected
    25  financial abuse; and

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD04138-01-3
        A. 4177                             2

     1    (e) the applicable laws, rules and regulations that must  be  followed
     2  while reporting suspected financial abuse.
     3    3.  A financial institution located or doing business in this state or
     4  an employee thereof who, acting reasonably and in good faith in  accord-
     5  ance with these guidelines, reports suspected financial abuse shall have
     6  immunity  from any civil liability that might otherwise result by reason
     7  of such actions.
     8    4. The superintendent is directed to promulgate  any  rules  or  regu-
     9  lations necessary to carry out the provisions of this section.
    10    §  2.  This  act shall take effect on the ninetieth day after it shall
    11  have become a law.