Connecticut House Bill HB07029

Connecticut 2017 Regular Session

• Introduced: 2/9/17
• Refer: 2/9/17

Caption

An Act Concerning The Protections Of Elderly Persons From Actual Or Suspected Financial Abuse.

Impact

If enacted, the bill would amend existing state law to provide broader authority to financial institutions when handling accounts of elderly persons. This amendment would ensure that elderly individuals are better protected from potential abuses by family members, power of attorney agents, or third parties seeking to exploit their finances. The immunity from civil, criminal, or administrative liability for financial institutions could encourage more proactive measures when exploitation is suspected.

Summary

House Bill 07029 aims to enhance protections for elderly persons from actual or suspected financial abuse. The bill defines critical terms such as 'elderly person', 'financial institution', and 'financial exploitation', thereby establishing a framework for identifying and addressing potential financial abuse cases. It allows financial institutions and their employees to delay or refuse transactions if there is reasonable cause to suspect financial exploitation, effectively empowering them to act as a first line of defense against such abuses.

Contention

Notable points of contention surrounding HB 07029 may include the balance between protecting the elderly and the autonomy of financial institutions. While many stakeholders support the bill for its protective measures, concerns may arise regarding the potential for overreach and unintended consequences, such as delays in legitimate transactions. Additionally, the interpretation of what constitutes 'reasonable cause' may lead to differing opinions among financial institutions and lawmakers.