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2019 SESSION

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HB 1987 Aged or incapacitated adults; financial exploitation, authority to refuse transactions.

Introduced by: David J. Toscano | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Financial exploitation of aged or incapacitated adults; authority to refuse transactions or disbursements. Authorizes financial institution staff to refuse to execute a transaction, to delay a transaction, or to refuse to disburse funds, regardless of whether such staff has reported suspected financial exploitation, if the financial institution staff (i) believes in good faith that the transaction or disbursement may involve, facilitate, result in, or contribute to the financial exploitation of an aged or incapacitated adult or (ii) makes, or has actual knowledge that another person has made, a report to the local department of social services or adult protective services hotline stating a good faith belief that the transaction or disbursement may involve, facilitate, result in, or contribute to the financial exploitation of an aged or incapacitated adult. The measure authorizes financial institution staff to continue to refuse to execute a transaction, delay a transaction, or refuse to disburse funds for not more than 30 business days after the date such transaction or disbursement was initially requested on the basis of such a good faith belief, unless otherwise ordered by a court. The measure authorizes such staff, to the extent permitted by law, to report any information or records relevant to an investigation. A financial institution and its staff are immune from civil or criminal liability, absent gross negligence or willful misconduct, for refusing to execute a transaction, delaying a transaction, or refusing to disburse funds pursuant to this measure. This bill is identical to SB 1490.

SUMMARY AS PASSED HOUSE:

Financial exploitation of aged or incapacitated adults; authority to refuse transactions or disbursements. Allows financial institution staff, pursuant to an internal policy, to refuse to execute a transaction, delay a transaction, or refuse to disburse funds if the financial institution staff (i) believes in good faith that the transaction or disbursement may involve, facilitate, result in, or contribute to the financial exploitation of an adult or (ii) has actual knowledge that a report was made by any person to the local department of social services or adult protective services hotline stating a good faith belief that the transaction or disbursement may involve, facilitate, result in, or contribute to the financial exploitation of an adult. The measure authorizes financial institution staff, upon request and to the extent permitted by state and federal law, to report any information or records relevant to the report or investigation. The measure provides that a financial institution and its staff are immune from civil or criminal liability for refusing to execute a transaction, delaying a transaction, refusing to disburse funds, or making a report to the local department of social services or the adult protective services hotline in good faith.  

SUMMARY AS INTRODUCED:

Financial exploitation of aged or incapacitated adults; authority to refuse transactions or disbursements. Allows financial institution staff, pursuant to an internal policy, to refuse to execute a transaction, delay a transaction, or refuse to disburse funds if the financial institution staff (i) believes in good faith that the transaction or disbursement may involve, facilitate, result in, or contribute to the financial exploitation of an adult or (ii) has actual knowledge that a report was made by any person to the local department of social services or adult protective services hotline stating a good faith belief that the transaction or disbursement may involve, facilitate, result in, or contribute to the financial exploitation of an adult. The bill requires the financial institution staff to report the suspected financial exploitation to the local department of social services or adult protective services hotline within five business days of refusing to execute a transaction, delaying a transaction, or refusing to disburse funds and allows financial institution staff to continue to refuse to execute a transaction, delay a transaction, or refuse to disburse funds for 10 business days after making the report and for up to 45 business days if requested to do so by the local department or if no response from the local department has been received.