Mandated reporters of suspected financial abuse of an elder or dependent adult.

Removed the requirement (formerly subsection (k)(2) of new Section 15630.1) that a financial institution must share information on reporting mechanisms, including the Federal Trade Commission reporting mechanism, with an impacted elder or dependent adult within 24 to 48 hours when suspected financial abuse is discovered within 48 hours of a transaction. The related civil penalty exemption for violations of that paragraph was also removed.

New subdivision (l) requires a financial institution to notify the elder or dependent adult within 48 hours of filing an FBI IC3 report. The notification must state that a report was filed on their behalf, encourage them to file their own IC3 complaint, and provide IC3 contact information including the web address. Delivery must use the person's preferred communication method as recorded by the institution. Violations are exempt from civil penalties.

The Assembly version's requirement that financial institutions 'encourage clients to submit complaints' was removed. The Senate version replaces this with the more specific notification duty under new subdivision (l).

The existing Section 15630.1 is amended to sunset on January 1, 2028, and a replacement section becomes operative on that same date, creating a clean transition rather than an immediate change in the law.

Senator Grayson was added as a coauthor, indicating Senate sponsorship of the amendment.

The term 'ombudsman' was changed to 'ombudsperson' throughout. Some instances of 'their' were changed to 'his or her' (though inconsistently). Capitalization of 'Internet' was standardized in some places.

A new requirement mandates that financial institutions report suspected financial abuse to the FBI Internet Crime Complaint Center within two working days, in addition to existing local reports. Violations of this specific federal reporting requirement are exempt from civil penalties.

The annual training requirement for mandated reporters is expanded to include how to 'escalate internally' in addition to how to report to local and federal authorities, adding an internal process component.

The client notification requirement (sharing reporting mechanism information and encouraging complaints within 24-48 hours) is now limited to cases where suspected financial abuse is discovered within 48 hours of a transaction. Previously, the obligation applied whenever potential financial abuse was discovered, regardless of timing relative to the transaction.

Multiple new coauthors added (Bauer-Kahan, Connolly, Dixon, Harabedian, Kalra, Pacheco, Papan, Schiavo, and Zbur), indicating broader legislative support for the bill.

Terminology updates throughout: 'Internet' changed to lowercase 'internet,' 'ombudsman' changed to 'ombudsperson,' and gendered pronouns ('his or her') replaced with gender-neutral 'their' in multiple places.