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ARIZONA HOUSE OF REPRESENTATIVESFifty-seventh Legislature First Regular Session |
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HB 2695: financially vulnerable adult; financial exploitation
Sponsor: Representative Livingston, LD 28
Committee on Commerce
Overview
Authorizes a financial institution to communicate with persons on a trusted contact list that a financially vulnerable adult is believed to be a victim or target of exploitation.
History
Adult Protective Services (APS) is a program within the DES Division of Aging and Adult Services and is responsible for investigating allegations of abuse, exploitation and neglect of vulnerable adults. The duties and responsibilities of APS workers include: 1) receiving reports of abused, exploited or neglected vulnerable adults; 2) receiving oral or written information indicating that an adult may be in need of protective services; 3) conducting evaluations to determine if an adult is in need of protective services and which services are needed; 4) offering protective services to individuals in need; and 5) filing petitions for guardianship or conservatorship of vulnerable adults (A.R.S. § 46-452).
A vulnerable adult is an individual who is 18 years of age or older and who is unable to protect himself from abuse, neglect or exploitation by others because of a physical or mental impairment. Vulnerable adult includes an incapacitated person (A.R.S. § 46-451).
Provisions
1. Allows a financial institution to offer the opportunity to submit and update a trusted contact list to financially vulnerable adults. (Sec. 1)
2. Instructs a financial institution to conduct the same level of reasonable due diligence on any trusted person that it conducts for their customers. (Sec. 1)
3. Stipulates the financial institution must communicate with specified individuals if the institution has reasonable suspicion that a financially vulnerable adult is a victim or target of exploitation. (Sec. 1)
4. Exempts the information that is shared from any customer consent or customer notice requirements. (Sec. 1)
5. Prescribes the training that must be provided by the financial institution. (Sec. 1)
6. Requires that a financial institution that provides exploitation training to:
a) retain copies of training materials;
b) maintain a list of trained employees with dates of training; and
c) provide training materials to the Department of Insurance and Financial Institutions or any other governmental entity on request. (Sec 1)
7. Stipulates the financial institution must report the behavior to adult protective services, law enforcement or other governmental entity if there is reasonable suspicion to believe that the financially vulnerable adult is being or may have been exploited. (Sec. 1)
8. Adds the financial institution must cooperate in any investigation and disclose financial records and information relevant to an investigation. (Sec. 1)
9. Provides immunity from any civil or administrative liability for actions taken or omission made in good faith to financial institutions that provided training to their employees. (Sec. 1)
10. Defines financial institution, financially vulnerable adult and trusted contact list. (Sec. 1)
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HB 2695
Initials PB Page 0 Commerce
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