Texas Senate Bill SB791

Texas 2017 - 85th Regular

Caption

Relating to the financial abuse of elderly persons, including requiring financial institutions to report suspected financial abuse of elderly persons; providing a civil penalty; creating criminal offenses.

Impact

This legislation amends existing Texas laws governing the financial rights of elderly individuals and introduces new criminal offenses related to financial abuse. Notably, it defines what constitutes financial abuse and establishes the circumstances under which financial institutions must report suspicions. The act delineates categories of offenses based on the value of property involved, ranging from misdemeanors to first-degree felonies. This structured approach is intended to deter potential offenders and provide a legal framework to prosecute unscrupulous individuals who exploit the elderly financially.

Summary

SB791, known as the Financial Elder Abuse and Exploitation Prevention Act, aims to tackle financial abuse against elderly individuals by imposing reporting requirements on financial institutions. Under this act, financial institutions are mandated to report suspected financial abuses to the Adult Protective Services Division and appropriate local law enforcement. Reports must be generated within 24 hours of suspicion and submitted in writing within three business days. The act encourages collaboration between state agencies to investigate reported cases of financial abuse, ensuring swift action to protect elderly residents.

Conclusion

If enacted, SB791 is expected to significantly enhance the legal protections available for elderly individuals against financial exploitation. By requiring financial institutions to adhere to mandatory reporting practices and establishing clear penalties for offenders, the act sets a precedent for the state’s commitment to safeguarding its senior citizens. As this legislation unfolds, monitoring its practical effects and the responsiveness of financial institutions will be essential to assess its long-term efficacy in preventing financial abuse.

Contention

Discussions surrounding SB791 pointed towards its potential effectiveness in addressing the growing concerns of financial abuse within the elderly community. Advocates for the bill argue that it empowers financial institutions to take proactive steps in protecting vulnerable populations. However, concerns were also raised regarding the burden placed on financial institutions to comply with the reporting protocols and the potential implications for client confidentiality. Critics question whether the measures go far enough in providing comprehensive protection and whether additional resources will be needed to ensure successful implementation.