Requires financial institutions to release records to adult protective services when suspecting fraud of vulnerable adult or senior customer; allows adult protective services to release same records to law enforcement agency if necessary.
Impact
The legislation modifies existing laws that govern how and when financial records can be shared. Under the revised law, financial institutions must now comply with requests for information from adult protective services if there is reasonable suspicion of fraudulent activities involving a vulnerable or senior customer. This change is expected to strengthen the ability of protective services to intervene in cases of suspected abuse or fraud, providing law enforcement with more immediate access to necessary documentation for investigation.
Summary
S391 requires financial institutions to release records to adult protective services when they suspect fraud involving vulnerable adults or senior customers. Previously, financial institutions had the option to disclose such information, but this bill mandates it under specified circumstances. This change is aimed at enhancing protections for individuals who might be susceptible to financial exploitation, thus addressing a significant concern for lawmakers and advocacy groups regarding financial fraud targeting seniors and vulnerable populations.
Contention
Notable points of contention surrounding S391 may revolve around privacy concerns raised by financial institutions and civil liberties advocates. While the requirement aims to protect vulnerable populations, some critics might argue that it infringes on the privacy rights of customers and could place undue burden on financial institutions to rapidly assess and disclose sensitive information. Balancing the need to protect vulnerable individuals with the rights of individuals to maintain their financial privacy will likely be a significant debate as the bill progresses.
Same As
Requires financial institutions to release records to adult protective services when suspecting fraud of vulnerable adult or senior customer; allows adult protective service to release same records to law enforcement agency if necessary.
Relating to accountability of institutions of higher education, including educator preparation programs, and online institution resumes for public institutions of higher education.
Revises calculation of student financial need and provides circumstances for reduction of financial aid at institutions of higher education and proprietary institutions.
Revises calculation of student financial need and provides circumstances for reduction of financial aid at institutions of higher education and proprietary institutions.
Revises calculation of student financial need and provides circumstances for reduction of financial aid at institutions of higher education and proprietary institutions.