An Act To Prevent Financial Exploitation Of Maine Residents 62 Years Of Age Or Older

LD 1445 prevents financial exploitation of Maine residents aged 62 or older by requiring financial institutions to take specific actions. It creates a "trusted contact person" system allowing seniors to designate someone to be notified if exploitation is suspected, and permits banks to delay disbursements if they reasonably believe funds may be misused. Financial institutions must notify the senior, all account holders (unless involved in suspected exploitation), and the Attorney General within two business days of delaying a transaction. The law defines financial exploitation as unauthorized taking, deception to gain control of assets, or undue influence over an older adult's property. This directly affects Maine seniors aged 62+ and financial institutions operating in the state.