Fiduciary Institutions - Exploitation of Seniors and Vulnerable Adults - Protections and Required Referral (Vulnerable Adult Banking Protection Act)

SB 753, the "Vulnerable Adult Banking Protection Act," allows banks and financial institutions to delay or deny account disbursements for seniors (65+) or adults lacking capacity to meet daily needs if they reasonably suspect financial exploitation. The bill requires institutions to notify authorized account holders within 4 business days and report suspected exploitation to Adult Protective Services, law enforcement, or a state’s attorney. It prohibits notifying suspected abusers directly and mandates status updates to oversight agencies upon request. The law aims to protect vulnerable adults from unauthorized asset misuse while providing institutions legal immunity for good-faith actions.