CS/CS/HB 515 2024
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
A bill to be entitled 1
An act relating to protection of specified adults; 2
creating s. 415.10341, F.S.; defining terms; 3
authorizing financial institutions, under certain 4
circumstances, to delay a disbursement or transaction 5
from an account of an individual; requiring the 6
financial institution to maintain a written or an 7
electronic record of certain information for a 8
specified amount of time; specifying that a delay on a 9
disbursement or transaction expires within a specified 10
timeframe; authorizing the financial institution to 11
extend the delay under certain circumstances; 12
authorizing a court of competent jurisdiction to 13
shorten or extend the delay; providing construction; 14
requiring financial institutions to take certain 15
actions before placing a delay on a disbursement or 16
transaction; providing construction; providing an 17
effective date. 18
19
Be It Enacted by the Legislature of the State of Florida: 20
21
Section 1. Section 415.1 0341, Florida Statutes, is created 22
to read: 23
415.10341 Protection of specified adults. — 24
(1) As used in this section, the term: 25
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
(a) "Financial exploitation" means the wrongful or 26
unauthorized taking, withholding, appropriation, or use of 27
money, assets, or property of an adult individual; or any act or 28
omission by a person, including through the use of a power of 29
attorney, guardianship, or conservatorship of an individual, to: 30
1. Obtain control over the individual's money, assets, or 31
property through deception, intimidation, or undue influence to 32
deprive him or her of the ownership, use, benefit, or possession 33
of the money, assets, or property; or 34
2. Divert the individual's money, assets, or property to 35
deprive him or her of the ownership, use, benefi t, or possession 36
of the money, assets, or property. 37
(b) "Financial institution" means a state financial 38
institution or a federal financial institution as those terms 39
are defined under s. 655.005(1). 40
(c) "Trusted contact" means a natural person 18 years of 41
age or older whom the account owner has expressly identified and 42
recorded in a financial institution's books and records as the 43
person who may be contacted about the account. 44
(2) If a financial institution reports suspected financial 45
exploitation of an individual pursuant to s. 415.1034, it may 46
delay a disbursement or transaction from an account of the 47
individual or an account for which the individual is a 48
beneficiary or beneficial owner if all of the following apply: 49
(a) The financial institution i mmediately initiates an 50
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
internal review of the facts and circumstances that caused an 51
employee of the financial institution to report suspected 52
financial exploitation. 53
(b) Not later than 3 business days after the date on which 54
the delay was first placed, the financial institution: 55
1. Notifies in writing all parties authorized to transact 56
business on the account and any trusted contact on the account, 57
using the contact information provided for the account, with the 58
exception of any party an employee of t he financial institution 59
reasonably believes has engaged in, is engaging in, has 60
attempted to engage in, or will attempt to engage in the 61
suspected financial exploitation of the individual. The notice, 62
which may be provided electronically, must provide the reason 63
for the delay. 64
2. Creates and maintains a written or an electronic record 65
of the delayed disbursement or transaction that includes, at 66
minimum, the following information: 67
a. The date on which the delay was first placed. 68
b. The name and address of the individual. 69
c. The business location of the financial institution. 70
d. The name and title of the employee who reported 71
suspected financial exploitation of the individual pursuant to 72
s. 415.1034. 73
e. The facts and circumstances that cause d the employee to 74
report suspected financial exploitation. 75
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
(3) The financial institution must maintain for at least 5 76
years after the date of a delayed disbursement or transaction a 77
written or an electronic record of the information required in 78
subparagraph (2)(b)2. 79
(4) A delay on a disbursement or transaction under 80
subsection (2) expires 5 business days after the date on which 81
the delay was first placed. However, the financial institution 82
may extend the delay for up to 7 additional calendar days if the 83
financial institution's review of the available facts and 84
circumstances continues to support the reasonable belief that 85
financial exploitation of the individual has occurred, is 86
occurring, has been attempted, or will be attempted. The length 87
of the delay may be shortened or extended at any time by a court 88
of competent jurisdiction. This subsection does not prevent a 89
financial institution from terminating a delay after 90
communication with the parties authorized to transact business 91
on the account and any tru sted contact on the account. 92
(5) Before placing a delay on a disbursement or 93
transaction pursuant to this section, a financial institution 94
must do all of the following: 95
(a) Develop training policies or programs reasonably 96
designed to educate employees on issues pertaining to financial 97
exploitation of individuals. 98
(b) Conduct training for all employees at least annually 99
and maintain a written record of all trainings conducted. 100
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
(c) Develop, maintain, and enforce written procedures 101
regarding the manner in which suspected financial exploitation 102
is reviewed internally, including, if applicable, the manner in 103
which suspected financial exploitation is required to be 104
reported to supervisory personnel. 105
(6) Absent a reasonable belief of financial exploitatio n 106
as provided in this section, this section does not otherwise 107
alter a financial institution's obligations to all parties 108
authorized to transact business on an account and any trusted 109
contact named on such account. 110
(7) This section does not create new ri ghts for or impose 111
new obligations on a financial institution under other 112
applicable law. 113
Section 2. This act shall take effect July 1, 2024. 114