FINANCIAL EXPLOITATION & CERTAIN TRANSACTIONS

This bill allows financial institutions (like broker-dealers and investment advisers) to temporarily delay transactions from accounts of vulnerable adults if they suspect financial exploitation. It requires institutions to notify all authorized account parties and state agencies within two business days, with delays initially lasting up to 15 days. Extensions can be granted for up to 30 days total if agencies request them or if a court orders additional protection. The law directly affects vulnerable adults at risk of financial abuse and the financial institutions managing their accounts.