Aged or incapacitated adults; financial exploitation, authority to refuse transactions. (HB1987)

Introduced By

Del. David Toscano (D-Charlottesville)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Financial exploitation of aged or incapacitated adults; authority to refuse transactions or disbursements. Allows financial institution staff, pursuant to an internal policy, to refuse to execute a transaction, delay a transaction, or refuse to disburse funds if the financial institution staff (i) believes in good faith that the transaction or disbursement may involve, facilitate, result in, or contribute to the financial exploitation of an adult or (ii) has actual knowledge that a report was made by any person to the local department of social services or adult protective services hotline stating a good faith belief that the transaction or disbursement may involve, facilitate, result in, or contribute to the financial exploitation of an adult. The bill requires the financial institution staff to report the suspected financial exploitation to the local department of social services or adult protective services hotline within five business days of refusing to execute a transaction, delaying a transaction, or refusing to disburse funds and allows financial institution staff to continue to refuse to execute a transaction, delay a transaction, or refuse to disburse funds for 10 business days after making the report and for up to 45 business days if requested to do so by the local department or if no response from the local department has been received. Amends § 63.2-1606, of the Code of Virginia. Read the Bill »

Status

01/15/2019: Awaiting a Vote in the Commerce and Labor Committee

History

DateAction
01/07/2019Committee
01/07/2019Prefiled and ordered printed; offered 01/09/19 19102607D
01/07/2019Referred to Committee on Commerce and Labor
01/10/2019Assigned C & L sub: Subcommittee #2
01/11/2019Impact statement from DPB (HB1987)
01/15/2019House subcommittee amendments and substitutes offered
01/15/2019Subcommittee recommends reporting with substitute (8-Y 0-N)

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