An Act protecting vulnerable adults from financial exploitation

This bill creates a new legal framework to protect vulnerable adults, defined as those aged 60 or older or individuals with disabilities, from financial exploitation by financial institutions and their employees. It allows banks and credit unions to delay or freeze transactions when they reasonably suspect an eligible adult is being financially abused, requiring them to notify relevant agencies within two business days and conduct internal reviews. The legislation also grants immunity from legal liability to financial institution employees who act in good faith to report suspected exploitation or freeze accounts, encouraging proactive intervention without fear of retaliation. Additionally, the bill establishes clear reporting requirements for institutions to document their investigations and provides courts with authority to extend account freezes or order record access when necessary to protect vulnerable adults.