Financial abuse of elder adults.

Existing law, the Elder Abuse and Dependent Adult Civil Protection Act, establishes procedures and requirements for the reporting, investigation, and prosecution of elder and dependent adult abuse. Existing law imposes various reporting requirements on mandated reporters of suspected financial abuse, as defined, of an elder or dependent adult, and imposes a civil penalty for a violation of these provisions. Under existing law, all officers and employees of financial institutions, as defined, are mandated reporters of suspected financial abuse. Existing law, the Money Transmission Act, provides for the licensure and regulation, by the Commissioner of Business Oversight, of certain persons engaged in the business of money transmission. This bill would require a business that is licensed under the Money Transmission Act whose primary business function is transmitting money, that operates out of a physical storefront or location and that does not engage in other transactions, to provide notice to customers who are 65 years of age or older making the customer aware that fraud has been committed in recent years by means of money transmittals. The bill would govern the manner for providing the notice and would require the customer who receives the notice to provide confirmation that the customer has read and understood the notice before proceeding with the transaction. The bill would require the notice to be in a form prescribed by the commissioner and would require the commissioner to prescribe that form. The bill would require a civil penalty in the amount of $5,000 to be imposed for the willful failure to provide this notice.