An Act protecting vulnerable adults from financial exploitation

This bill establishes a new chapter in Massachusetts law to protect vulnerable adults, specifically those aged 60 and older or individuals with disabilities, from financial exploitation. It defines financial exploitation as the unauthorized taking of assets or using deception to control an adult's money and grants financial professionals the authority to delay account disbursements for up to 15 days if they suspect abuse is occurring. To support these measures, the bill provides legal immunity to qualified individuals who report suspected exploitation to the appropriate state agencies or notify designated third parties in good faith. Additionally, it mandates that financial institutions must notify relevant authorities within two business days when they freeze funds and complete an internal investigation within seven days.