Date of enactment: March 21, 2024
2023 Senate Bill 628 Date of publication*: March 22, 2024
2023 WISCONSIN ACT 132
AN ACT to amend 224.45 (1) (d) 3.; and to create 224.45 of the statutes; relating to: financial exploitation of vulner-
able adults.
The people of the state of Wisconsin, represented in
senate and assembly, do enact as follows:
SECTION 1. 224.45 of the statutes is created to read:
224.45 Financial exploitation of vulnerable
adults. (1) DEFINITIONS. In this section:
(a) “Account” means funds or assets held by a finan-
cial service provider, including a deposit account, sav-
ings account, share account, certificate of deposit, trust
account, guardianship or conservatorship account, or
retirement account, and also including an account associ-
ated with a loan or other extension of credit.
(b) “Financial exploitation” has the meaning given in
s. 46.90 (1) (ed).
(c) “Financial institution” means a bank, savings
bank, savings and loan association, trust company, or
credit union chartered under the laws of this state.
(d) “Financial service provider” means any of the fol-
lowing engaged in or transacting business in this state:
1. A financial institution.
2. A mortgage banker, mortgage broker, or mortgage
loan originator, as defined in s. 224.71 (3), (4), or (6).
3. A seller of checks, as defined in s. 217.02 (9).
4. A community currency exchange, as defined in s.
218.05 (1) (b).
5. A payday loan licensee under s. 138.14.
6. A title loan licensee under s. 138.16.
7. A lender licensed under s. 138.09.
8. An insurance premium finance company, as
defined in s. 138.12 (1) (b).
9. A sales finance company, as defined in s. 218.0101
(34).
(e) “Vulnerable adult” means an adult at risk, as
defined in s. 55.01 (1e), or an individual who is at least
65 years of age.
(2) LIST OF AUTHORIZED CONTACTS. (a) A financial
service provider may offer to a vulnerable adult the
opportunity to submit and periodically update a list of
persons that the vulnerable adult authorizes the financial
service provider to contact when the financial service
provider has reasonable cause to suspect that the vulnera-
ble adult is a victim or a target of financial exploitation.
(b) A financial service provider, or an officer or
employee of the financial service provider, that has rea-
sonable cause to suspect that a vulnerable adult is the vic-
tim or target of financial exploitation may convey the sus-
picion to any of the following if the person is not the
suspected perpetrator:
1. Any person on the list described in par. (a) if a list
has been provided by the vulnerable adult.
2. Any co−owner, additional authorized signatory, or
beneficiary on the account of the vulnerable adult.
* Section 991.11, WISCONSIN STATUTES: Effective date of acts. “Every act and every portion of an act enacted by the legislature over the governor’s
partial veto which does not expressly prescribe the time when it takes effect shall take effect on the day after its date of publication.” − 2 −2023 Wisconsin Act 132 2023 Senate Bill 628
3. Any person known by the financial service
provider to be a family member, including a parent,
spouse, adult child, or sibling.
(c) When providing information under this subsec-
tion, the financial service provider may limit the informa-
tion and disclose only that the financial service provider
has reasonable cause to suspect that the vulnerable adult
may be a victim or target of financial exploitation without
disclosing any other details or confidential personal
information regarding the financial affairs of the vulnera-
ble adult.
(d) The financial service provider may choose not to
contact any person on the list provided under par. (a) if the
financial service provider suspects that the person is
engaged in financial exploitation.
(e) The financial service provider may rely on infor-
mation provided by the customer in compiling a list of
contact persons.
(f) A financial service provider, or an employee of a
financial service provider, acting in good faith is immune
from all criminal, civil, and administrative liability for
contacting a person or electing not to contact a person
under this subsection and for actions taken in furtherance
of that determination if the determination was made
based on reasonable suspicion.
SECTION 1g. 224.45 (1) (d) 3. of the statutes, as cre-
ated by 2023 Wisconsin Act .... (this act), is amended to
read:
224.45 (1) (d) 3. A seller of checks, as defined in s.
217.02 (9) money transmitter under ch. 217.
SECTION 1r.(0)Nonstatutory provisions.
(1g) RECONCILIATION PROVISIONS.
(a) If 2023 Senate Bill 668 is enacted into law, then
the amendment of s. 224.45 (1) (d) 3. takes effect on the
effective date of 2023 Senate Bill 668 or on the effective
date of this paragraph, whichever is later.
(b) If par. (a) does not apply, then the amendment of
s. 224.45 (1) (d) 3. is void.