Civil cause of action for financial exploitation. (FE)
If enacted, this bill would allow specific individuals, including the vulnerable persons themselves, guardians, conservators, or personal representatives of deceased persons, to bring legal action against those perpetrating or permitting financial exploitation. Courts would be mandated to award enhanced damages to successful plaintiffs, which may include financial compensation up to three times the actual damages incurred, along with coverage for attorney and other related fees. This provision aims to provide a stronger deterrent against financial exploitation by increasing the potential financial liabilities for wrongdoers.
Senate Bill 116 introduces a civil cause of action for financial exploitation of vulnerable persons in the state. The bill defines 'vulnerable person' to include the elderly, financially incapable individuals, and those with disabilities who may be susceptible to manipulation or coercive practices due to mental or physical impairments. This legislation is significant in addressing the rising instances of financial exploitation that can affect a significant portion of the state's population, particularly the aging and disabled communities.
A potential point of contention surrounding SB 116 could emerge regarding the definitions of 'vulnerable person' and the circumstances under which litigation could be initiated, as critics may argue these terms could be interpreted broadly, leading to undue legal actions against individuals providing assistance to vulnerable groups. Moreover, the bill creates a framework that shifts some of the legal obligations and rights concerning financial management, potentially complicating financial interactions involving vulnerable individuals. Advocates for the bill assert that it provides necessary protections for those at risk, while opponents may express concern over possible misuse of the law.