This document does not reflect the intent or official position of the bill sponsor or House of Representatives.
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DATE: 5/30/2024
HOUSE OF REPRESENTATIVES STAFF FINAL BILL ANALYSIS
BILL #: CS/CS/HB 515 Protection of Specified Adults
SPONSOR(S): Health & Human Services Committee and Insurance & Banking Subcommittee, Silvers and
others
TIED BILLS: IDEN./SIM. BILLS: CS/CS/SB 556
FINAL HOUSE FLOOR ACTION: 104 Y’s
1 N’s GOVERNOR’S ACTION: Approved
SUMMARY ANALYSIS
CS/CS/HB 515 passed the House on March 6, 2024, as CS/CS/SB 556, as amended, and was returned to the
Senate. On March 7, 2024, the Senate refused to concur in the House Amendment to the Senate bill and
returned the bill to the House. The House receded and passed the Senate bill on March 7, 2024.
Florida has the second highest percentage of senior residents in the nation. In 2022, Florida had an estimated
4.7 million people age 65 and older, approximately 21 percent of the state’s population. By 2030, this number
is projected to increase to 5.9 million, meaning the elderly will make up approximately one quarter of the state’s
population and will account for most of the state’s growth.
Elder populations are particularly vulnerable to abuse and exploitation due to risk factors associated with
aging, such as physical and mental infirmities and social isolation. Up to 5 million older Americans are abused
every year, and the annual loss by victims of financial abuse is estimated to be at least $36.5 billion.
The Adult Protective Services Act, ch. 415, F.S. (Act), codifies Florida’s laws relating to the protection of
vulnerable adults. The bill amends the Act to increase consumer financial transaction protections.
The bill authorizes a financial institution which reports suspected financial exploitation of a specified adult to
then delay a disbursement or transaction from an account of the specified adult or an account for which the
specified adult is a beneficiary or beneficial owner, provided certain conditions are met. When the financial
institution takes this action, it must create and maintain for at least five years after the date of the delayed
disbursement or transaction a written or electronic record of the delayed disbursement or transaction that
includes certain information.
The bill also:
Requires financial institutions to develop certain trainings and policies to educate employees on issues
pertaining to financial exploitation of specified adults before placing a delay on any disbursement or
transaction; and
Provides immunity from administrative and civil liability to a financial institution that acts in good faith
and exercises reasonable care to comply with the bill’s provisions.
The bill has no fiscal impact on state or local government.
The bill was approved by the Governor on May 28, 2024, ch. 2024-200, L.O.F., and will become effective on
January 1, 2025.
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I. SUBSTANTIVE INFORMATION
A. EFFECT OF CHANGES:
Background
Elder Population in Florida
As the country’s “baby-boom” population reaches retirement age and life expectancy increases, the
nation’s elder population is projected to increase from 54.1 million in 2019
1
to 80.8 million by 2040.
2
Florida has long been a destination state for senior citizens and has the second highest percentage of
senior residents in the nation.
3
In 2022, Florida had an estimated 4.7 million people age 65 and older,
approximately 21 percent of the state’s population.
4
By 2030, this number is projected to increase to 5.9
million, meaning the elderly will make up approximately one quarter of the state’s population and will
account for most of the state’s growth.
5
Adult Protective Services Act
The Adult Protective Services Act, ch. 415, F.S. (Act), codifies Florida’s laws relating to the protection
of vulnerable adults. The Act defines “vulnerable adult” as a person 18 years of age or older whose
ability to perform the normal activities of daily living or to provide for his or her own care or protection is
impaired due to a mental, emotional, sensory, long-term physical, or developmental disability, or brain
damage, or the infirmities of aging.
6
The term implicitly includes elderly persons, but also incorporates
disabled adults and other adults whom the Legislature has determined to be at risk of abuse, neglect,
and exploitation, and in need of protective services.
7
The Department of Children and Families (DCF) protects vulnerable adults from abuse, neglect, and
exploitation through mandatory reporting and investigation of suspected abuse pursuant to the Act.
8
In
2022, DCF received 30,581 reports of abuse, neglect, or exploitation of persons aged 60 or older.
9
Financial Abuse in Elder Populations
Elder populations are particularly vulnerable to abuse and exploitation due to risk factors associated
with aging, such as physical and mental infirmities and social isolation.
10
Common types of elderly
abuse include neglect, physical abuse, psychological abuse, and financial abuse.
11
Up to 5 million older
1
U.S. Census Bureau, 65 and Older Population Grows Rapidly as Baby Boomers Age (June 25, 2020), Release Number:
CB20-99, https://www.census.gov/newsroom/press-releases/2020/65-older-population-grows.html (last visited Jan. 10,
2024).
2
U.S. Department of Health and Human Services Administration on Aging, 2020 Profile of Older Americans (May 2021),
https://acl.gov/sites/default/files/Aging%20and%20Disability%20in%20America/2020ProfileOlderAmericans.Final_.pdf
(last visited Jan. 10, 2024)
3
Id.
4
U.S. Census Bureau, Quick Facts – Florida, https://www.census.gov/quickfacts/fact/table/FL# (last visited Jan. 10,
2024).
5
Florida Office of Economic & Demographic Research, Florida Population by Age Group. Available at
http://edr.state.fl.us/Content/population-demographics/data/pop_census_day-2020.pdf (last visited Jan. 10, 2024).
6
S. 415.102(28), F.S.
7
S. 415.101(2), F.S.
8
Id.
9
Email from Tarah Yeager, Gubernatorial Fellow, Department of Children and Families, Re: APS Statistics Info Request
(March 22, 2023). On file with the Health and Human Services Committee.
10
U.S. Department of Justice, About Elder Abuse, https://www.justice.gov/elderjustice/about-elder-abuse (last visited Jan.
10, 2024).
11
U.S. Department of Justice, Types of Elder Abuse, https://www.justice.gov/elderjustice/about-elder-abuse (last visited
Jan. 10, 2024).
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Americans are abused every year, and the annual loss by victims of financial abuse is estimated to be
at least $36.5 billion.
12
Financial abuse occurs when someone takes or misuses another person’s money or property for the
benefit of someone other than that person.
13
For example, neighbors, caregivers, professionals, and
even family or friends may take money without permission, fail to repay the money they owe, charge
too much for services, or not even do what they were paid to do.
14
FINANCIAL SCAMS
Fraudulent scams that target elderly individuals are on the rise.
15
The most common fraudulent scams
targeting these populations include:
Government impersonation scams, in which scammers call unsuspecting older adults and
pretend to be from the Internal Revenue Service, Social Security Administration, or Medicare.
They may say the older adult has unpaid taxes and threaten arrest if they do not pay
immediately. Alternatively, the scammers may say Social Security or Medicare benefits will be
cut off if the older adult does not provide personal identifying information, which can later be
used to commit identity theft.
16
Sweepstakes scams, in which scammers call an older adult to tell them have won a lottery or
prize of some kind. If the older adult wants to claim their winnings, the older adult must send
money, cash, or gift cards to cover supposed taxes and processing fees, or the older adult must
send their bank account information to receive the alleged winnings.
17
Computer tech support scams, which prey on older people’s lack of knowledge about
computers and cybersecurity. A pop-up message or blank screen usually appears on a
computer or phone, telling the user their device is damaged and needs fixing. When the older
person calls the support number for help, the scammer may either request remote access to the
older person’s computer and/or demand they pay a fee to have it repaired.
18
“Grandparent” scams, in which a scammer calls a would-be grandparent and says something
along the lines of: “Hi, Grandma, do you know who this is?” When the unaware grandparent
guesses the name of the grandchild the scammer most sounds like, the scammer is able to
instantly secure their trust. The fake grandchild then asks for money to solve some urgent
financial problem (such as overdue rent, car repairs, or jail bond).
19
In 2022, there were 88,262 complaints of fraud from people aged 60 years or older, resulting in $3.1
billion in losses.
20
This was an 82.35 percent increase in losses compared to 2021.
21
Financial scams
are devastating to many older adults and can leave them in a vulnerable position, with limited ability to
recover their losses.
22
12
National Council on Aging, Get the Facts on Elder Abuse, https://www.ncoa.org/article/get-the-facts-on-elder-abuse
(last visited Jan. 10, 2024).
13
Consumer Financial Protection Bureau, Reporting Elder Financial Abuse, https://www.consumerfinance.gov/consumer-
tools/educator-tools/resources-for-older-adults/reporting-elder-financial-abuse-guide/ (last visited Jan. 10, 2024).
14
Id.
15
U.S. Department of Justice: Office of Victims of Crime, National Elder Fraud Hotline, https://ovc.ojp.gov/program/stop-
elder-fraud/providing-help-restoring-hope#financial-scams-and-abuses-that-target-older-people-are-happenin (last visited
Jan. 29, 2024).
16
National Council on Aging, supra note 12.
17
Id.
18
Id.
19
Id.
20
Federal Bureau of Investigation Internet Crime Complaint Center, 2022 Internet Crime Report,
https://www.ic3.gov/Media/PDF/AnnualReport/2022_IC3Report.pdf (last visited Jan. 10, 2024). See also, National Council
on Aging, supra note 12.
21
Id.
22
National Council on Aging, supra note 12.
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Regulation of Financial Institutions in Florida
The Office of Financial Regulation (OFR) is responsible for all activities of the Financial Services
Commission (Commission)
23
relating to the regulation of banks, credit unions, other financial
institutions, finance companies, and the securities industry.
24
OFR has four divisions: the Division of
Consumer Finance, the Division of Financial Institutions, the Division of Securities, and the Bureau of
Financial Investigations.
25
Florida law broadly defines the term “financial institution” as a state or federal savings or thrift
association, bank, savings bank, trust company, international bank agency, international banking
corporation, international branch, international representative office, international administrative office,
international trust entity, international trust company representative office, qualified limited service
affiliate, credit union, or an agreement corporation operating pursuant to s. 25 of the Federal Reserve
Act, 12 U.S.C. ss. 601 et seq. or Edge Act corporation organized pursuant to s. 25(a) of the Federal
Reserve Act, 12 U.S.C. ss. 611 et seq.
26
Banks and credit unions in the United States are chartered and regulated under a dual banking
system.
27
These institutions may elect to have a national charter and a federal primary regulator, or
they may choose to be chartered and regulated by the state in which they are headquartered.
28
OFR’s
Division of Financial Institutions:
Conducts periodic risk-based examinations and ensures that each state-chartered financial
institution meets state and federal requirements for safety and soundness;
29
and
Administers Florida’s financial institutions codes,
30
which apply to all state-authorized and state-
chartered financial institutions and to the enforcement of all laws relating to such institutions.
31
Under Florida law, the books and records of a financial institution are confidential and shall be made
available for inspection and examination under certain circumstances, including:
To OFR or its duly authorized representative;
To any person duly authorized to act for the financial institution;
To any federal or state instrumentality or agency authorized to inspect or examine the books
and records of an insured financial institution;
With respect to an international banking corporation or international trust entity, to the home-
country supervisor of the international banking corporation or international trust entity, provided
certain conditions are met;
As compelled by legislative subpoena as provided by law;
As compelled by a court of competent jurisdiction, pursuant to a subpoena issued pursuant to
certain rules,
32
or pursuant to a subpoena issued in accordance with state or federal law;
33
23
OFR is housed within the Financial Services Commission (Commission). The Commission is comprised of four
members: the Governor, Attorney General, Chief Financial Officer, and the Commissioner of Agriculture. See Office of
Financial Regulation, Financial Services Commission, https://flofr.gov/sitepages/financialservicescommission.htm (last
visited Jan. 26, 2024).
24
S. 20.121(3)(a)2., F.S.
25
Office of Financial Regulation, Our Agency Divisions, https://flofr.gov/default.htm (last visited Jan. 26, 2024).
26
S. 655.005(1)(i), F.S.
27
Office of Financial Regulation, Agency Analysis of 2024 House Bill 515, p. 2 (Jan. 4, 2025).
28
Id.
29
Office of Financial Regulation, Division of Financial Institutions: What We Do,
https://flofr.gov/sitePages/DivisionOfFinancialInstitutions.htm (last visited Jan. 26, 2024).
30
Chs. 655-667, F.S.
31
Ss. 655.001(1) and 655.012(1), F.S.
32
Specifically, the Florida Rules of Civil Procedure, the Florida Rules of Criminal Procedure, or the Federal Rules of Civil
Procedure. See s. 655.059(1)(e), F.S.
33
Before the production of the books and records of a financial institution under these circumstances, the party seeking
production must reimburse the financial institution for the reasonable costs and fees incurred in compliance with the
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Pursuant to a subpoena, to any federal or state law enforcement or prosecutorial instrumentality
authorized to investigate suspected criminal activity;
As authorized pursuant to the board of directors of the financial institution; and
As otherwise provided by law.
34
A person who willfully violates the provisions of Florida law described above relating to unlawful
disclosure of confidential information is guilty of a felony of the third degree, punishable as provided by
Florida’s criminal laws.
35
Effect of the Bill
The bill amends the Act to increase consumer protections related to fraudulent financial transactions.
The bill defines “specified adult” as a natural person 65 years of age or older, or a vulnerable adult as
defined in current law. “Trusted contact” is defined as a natural person 18 years of age or older whom
the account owner has expressly identified and recorded in a financial institution's books and records
as the person who may be contacted about either the account or the account owner to address
possible financial exploitation or to confirm the specifics of the account owner's current contact
information or health status; to determine the identity of any conservator, executor, trustee, or individual
or entity granted a power of attorney; or to address any other concern reasonably related to the
administration of the account.
The bill authorizes a financial institution, which reports suspected financial exploitation of a specified
adult, to delay a disbursement or transaction from an account of specified adult or an account for which
the specified adult is a beneficiary or beneficial owner, provided certain conditions are met. This applies
to a suspicion that the transaction may be a wrongful or unauthorized taking, withholding, appropriation,
or use of money, assets, or property, or any act or omission, including the use of a power of attorney,
guardianship, or conservatorship, to:
Obtain control over the specified adult’s money, assets, or property through deception,
intimidation, or undue influence to deprive him or her of the ownership, use, benefit, or
possession of the money, assets, or property; or
Divert the specified adult’s money, assets, or property to deprive him or her of the ownership,
use, benefit, or possession of the money, assets, or property.
When the financial institution takes this action, it must notify in writing all parties authorized to transact
business on the account and any trusted contact. The financial institution must also create and maintain
for at least five years after the date of the delayed disbursement or transaction a written or electronic
record of the delayed disbursement or transaction that includes certain information.
A delay on a disbursement or transaction expires 15 business days after the date on which the delay
was first placed. However, the financial institution may extend the delay for up to 30 additional business
days if the financial institution’s review of the available facts and circumstances continues to support
the reasonable belief that financial exploitation has occurred, is occurring, has been attempted, or will
be attempted. The length of the delay may be shortened or extended at any time by a court of
competent jurisdiction. However, a financial institution is not prevented from terminating a delay after
communicating with the parties authorized to transact business on the account and any trusted contact
on the account.
production. If the parties disagree regarding the amount of reimbursement, the party seeking the records may request the
court or agency having jurisdiction to set the amount of reimbursement.
34
S. 655.059(1), F.S. See s. 655.059(2) for a list of other persons that are authorized by Florida law to inspect the books
and records of a financial institution.
35
S. 655.059(1)(c), F.S. The specific provisions of Florida’s criminal laws under which a person may be punished for a
violation includes ss. 755.802, 755.083, and 755.084, F.S.
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A financial institution that acts in good faith and exercises reasonable care to comply with the bill’s
provisions is immune from any administrative or civil liability that might otherwise arise from such delay
in a disbursement or transaction in accordance with the bill’s provisions. However, this grant of
immunity does not supersede or diminish any immunity granted elsewhere in the Act.
The bill also requires financial institutions to develop certain trainings and policies to educate
employees who perform or approve transactions on behalf of customers on issues pertaining to
financial exploitation of specified adults before placing a delay on any disbursement or transaction.
Specifically, a financial institution must:
Conduct training for all employees described above as soon as reasonably practicable and
maintain a written record of all trainings conducted;
36
and
Develop, maintain, and enforce written procedures regarding the manner in which suspected
financial exploitation is reviewed internally, including, if applicable, the manner in which
suspected financial exploitation is required to be reported to supervisory personnel.
The bill provides that, absent a reasonable belief of financial exploitation, a financial institution’s
obligations to parties authorized to transact business on an account or any trusted contact named on
such account are not otherwise altered. Further, the bill does not create new rights for or impose new
obligations or new duties on financial institutions under other applicable laws.
The bill also provides legislative intent.
II. FISCAL ANALYSIS & ECONOMIC IMPACT STATEMENT
A. FISCAL IMPACT ON STATE GOVERNMENT :
1. Revenues:
None.
2. Expenditures:
None.
B. FISCAL IMPACT ON LOCAL GOVERNMENTS:
1. Revenues:
None.
2. Expenditures:
None.
C. DIRECT ECONOMIC IMPACT ON PRIVATE SECTOR:
The bill has an indeterminate positive impact on account holders to the extent any fraudulent
transactions are prevented.
The bill has an indeterminate negative administrative impact on financial institutions to the extent that
such institutions decide to delay disbursements as provided by the bill. Further, if the financial
36
The bill provides that, with respect to an individual who begins employment with a covered financial institution after July
1, 2024, such training must be conducted within 1 year after the date on which the individual becomes employed by or
affiliated with the covered financial institution.
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institution does decide to delay disbursements, the institution must first comply with the conditions
provided by the bill.
D. FISCAL COMMENTS:
None.