BANKS/BANKING: Provides relative to elderly financial exploitation

The definition of 'financial exploitation' was updated to explicitly include using scams, deceptive schemes, enticement, extortion, or impersonation of government officials to trick an adult into transferring money.

The maximum duration for delaying a financial transaction was increased from 15 business days to 30 business days.

A new provision allows financial institutions to extend the delay period to 45 business days if a covered agency requests it.

The list of individual representatives sponsoring the bill was removed from the text.

Added specific examples of financial exploitation, including the use of scams, deceptive schemes, extortion, and impersonation of government officials.

Changed the term 'authorized contact' to 'trusted contact' to clarify the nature of the relationship with the eligible adult.

Extended the maximum delay period for financial transactions from 45 to 60 business days when a covered agency requests an extension.

Added a new requirement for covered financial institutions to provide training to employees on recognizing and responding to signs of exploitation, effective January 1, 2027.

Removed the requirement for financial institutions to provide training on recognizing exploitation signs, as this is now covered under the new specific training mandate.