Massachusetts Senate Bill S741

Massachusetts 2025-2026 Regular Session

• Introduced: 2/27/25
• Refer: 2/27/25

Caption

Protecting seniors and adults with disabilities from financial exploitation

Impact

If enacted, SB 741 would significantly impact state laws related to the protection of seniors and disabled individuals. The legislation mandates that financial institutions and qualified individuals must report any suspected financial exploitation of eligible adults to the Secretary and relevant adult protective services. By giving financial institutions the authority to delay certain transactions when they suspect exploitation, the bill aims to prevent the wrongful appropriation of assets before it can occur. This provision emphasizes the importance of vigilance and proactive measures in safeguarding at-risk individuals.

Summary

Senate Bill 741 aims to protect seniors and adults with disabilities in Massachusetts from financial exploitation. The bill introduces a new chapter (110I) to the General Laws that defines financial exploitation and establishes guidelines for reporting and responding to suspected cases. It defines an 'eligible adult' as anyone aged 60 or older or a disabled person and clarifies the roles of various stakeholders, including adult protective services and financial institutions. The bill seeks to create a safer financial environment for vulnerable populations by outlining what constitutes financial exploitation and specifying required actions when exploitation is suspected.

Contention

Although there is broad support for protecting vulnerable adults, SB 741 may face scrutiny regarding the balance between intervention and individual rights. Some critics may argue that giving financial institutions the power to delay transactions could overstep personal autonomy or lead to inappropriate meddling in private financial matters. Additionally, there may be concerns about the adequacy of definitions and criteria for reporting, which could impact the bill's effectiveness. Ensuring that the implementation of this bill does not inadvertently harm the very population it seeks to protect will require ongoing oversight and adjustment.