Bill Text: NY S08754 | 2017-2018 | 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 third party who reports suspected financial abuse shall have immunity from any civil or criminal liability as a result.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Introduced - Dead) 2018-05-10 - REFERRED TO BANKS [S08754 Detail]

Download: New_York-2017-S08754-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          8754
                    IN SENATE
                                      May 10, 2018
                                       ___________
        Introduced by Sen. SEPULVEDA -- 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-x to
     2  read as follows:
     3    § 9-x. 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)  "banking institution" shall have the same meaning as in paragraph
    11  (b) of subdivision three of section nine-f of this chapter.
    12    (c) "superintendent" shall mean the superintendent of  the  department
    13  of financial services.
    14    2. The superintendent, in consultation with the director of the office
    15  for  the  aging,  the attorney general, representatives of the financial
    16  services industry, law enforcement, senior  groups,  disability  groups,
    17  and  district  attorneys, shall develop guidelines relating to reporting
    18  suspected financial exploitation. Such guidelines shall include, but not
    19  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
    26    (e) the applicable laws, rules and regulations that must  be  followed
    27  while reporting suspected financial abuse.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07199-01-7
        S. 8754                             2
     1    3. The superintendent, in consultation with the director of the office
     2  for  the  aging,  the attorney general, representatives of the financial
     3  services industry, law enforcement, senior groups, disability groups and
     4  district attorneys,  shall  develop  (i)  training  for  bank  employees
     5  concerning  the guidelines developed pursuant to subdivision two of this
     6  section that shall include disability  literacy  training;  and  (ii)  a
     7  brochure  educating  bank customers regarding the reporting of financial
     8  exploitation and how to report that they are being exploited.
     9    4. A banking institution located or doing business in this state or an
    10  employee thereof who, acting reasonably and in good faith in  accordance
    11  with  these  guidelines,  reports  suspected  financial abuse shall have
    12  immunity from any civil liability that might otherwise result by  reason
    13  of such actions.
    14    5.  The  superintendent  is  directed to promulgate any rules or regu-
    15  lations necessary to carry out the provisions of this section.
    16    § 2. This act shall take effect on the ninetieth day  after  it  shall
    17  have become a law.