Financial institutions; reporting financial exploitation of elderly or vulnerable adults. (HB692)

Introduced By

Del. Michelle Maldonado (D-Manassas) with support from co-patrons Del. Rozia Henson (D-Woodbridge), and Del. Irene Shin (D-Herndon)

Progress

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

Description

Financial institutions; reporting financial exploitation of elderly or vulnerable adults. Permits a financial institution to allow an elderly or vulnerable adult, as defined in the bill, to submit and periodically update a list of trusted persons whom such financial institution or financial institution staff, as defined in the bill, may contact in the case of the suspected financial exploitation of such adult. The bill also permits a financial institution to conduct a training to instruct its staff on how to identify and report the suspected financial exploitation of an elderly or vulnerable adult internally at such financial institution, to a designated trusted contact, and to various other authorities. The bill directs the Bureau of Financial Institutions of the State Corporation Commission to develop and publish guidelines for such training by January 1, 2026. The bill provides that no financial institution staff that have received such training shall be liable in any civil or administrative proceeding for disclosing the suspected financial exploitation of an elderly or vulnerable adult pursuant to the bill's provisions if such disclosure was made in good faith and with reasonable care. The bill provides that no financial institution that has provided such training shall be liable for any such disclosure by financial institution staff. This bill is identical to SB 174. Read the Bill »

Notes

According to the fiscal impact statement, this legislation (HB692) is estimated to have no fiscal impact on the State Corporation Commission.

Summary generated automatically by OpenAI.

Outcome

Bill Has Passed

History

DateAction
01/09/2024Committee
01/09/2024Prefiled and ordered printed; offered 01/10/24 24104983D
01/09/2024Referred to Committee on Labor and Commerce
01/16/2024Assigned L & C sub: Subcommittee #1
01/23/2024House subcommittee amendments and substitutes offered
01/23/2024Subcommittee recommends reporting with substitute (7-Y 0-N)
01/25/2024Reported from Labor and Commerce with substitute (21-Y 0-N) (see vote tally)
01/25/2024Committee substitute printed 24105750D-H1
01/29/2024Read first time
01/30/2024Read second time
01/30/2024Committee substitute agreed to 24105750D-H1
01/30/2024Engrossed by House - committee substitute HB692H1
01/31/2024Read third time and passed House BLOCK VOTE (100-Y 0-N)
01/31/2024VOTE: Block Vote Passage (100-Y 0-N) (see vote tally)
02/01/2024Constitutional reading dispensed
02/01/2024Referred to Committee on Commerce and Labor
02/16/2024Impact statement from SCC (HB692H1)
02/19/2024Senate committee, floor amendments and substitutes offered
02/19/2024Reported from Commerce and Labor with amendment (15-Y 0-N) (see vote tally)
02/21/2024Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/22/2024Read third time
02/22/2024Reading of amendment waived
02/22/2024Committee amendment agreed to
02/22/2024Amendment by Senator Favola agreed to
02/22/2024Engrossed by Senate as amended
02/22/2024Passed Senate with amendments (40-Y 0-N) (see vote tally)
02/26/2024Senate amendments agreed to by House (96-Y 0-N)
02/26/2024VOTE: Adoption (96-Y 0-N) (see vote tally)
02/29/2024Enrolled
02/29/2024Bill text as passed House and Senate (HB692ER)
02/29/2024Bill text as passed House and Senate reprinted (HB692ER)
02/29/2024Signed by Speaker
03/03/2024Signed by President
03/05/2024Impact statement from SCC (HB692ER)
03/11/2024Enrolled Bill communicated to Governor on March 11, 2024
03/11/2024G Governor's Action Deadline 11:59 p.m., April 8, 2024
04/05/2024G Approved by Governor-Chapter 530 (effective 7/1/24)

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