Bill Text: NY S05675 | 2013-2014 | General Assembly | Introduced

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Bill Title: Relates to the report 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 financial institution who reports suspected financial abuse shall have immunity from any civil or criminal liability as a result.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2013-06-03 - REFERRED TO BANKS [S05675 Detail]

Download: New_York-2013-S05675-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5675
                              2013-2014 Regular Sessions
                                   I N  S E N A T E
                                     June 3, 2013
                                      ___________
       Introduced  by  Sen.  ADAMS  -- read twice and ordered printed, and when
         printed to be committed 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-v  to
    2  read as follows:
    3    S  9-V. 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.
                                                                  LBD01899-05-3
       S. 5675                             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    S  2.  This  act shall take effect on the ninetieth day after it shall
   11  have become a law.