Relating to: financial exploitation of vulnerable adults.

SB 970 allows financial institutions (like banks and credit unions) to refuse or delay specific financial transactions when they reasonably suspect financial exploitation of a vulnerable adult. This applies to transactions involving the vulnerable adult’s account, accounts where they are a beneficiary, or accounts of suspected perpetrators. Financial institutions must notify authorized account holders (unless the notifier is the suspected perpetrator) and report incidents to adult-at-risk agencies, while retaining the right to delay transactions for up to 15 business days. The bill also provides legal immunity for financial institutions acting in good faith based on reasonable suspicion.