Financial institutions; reporting financial exploitation of elderly or vulnerable adults. (SB174)

Introduced By

Sen. Barbara Favola (D-Arlington) with support from co-patron Sen. Tara Durant (R-Fredericksburg)

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 HB 692. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/08/2024Prefiled and ordered printed; offered 01/10/24 24101504D
01/08/2024Referred to Committee on Commerce and Labor
01/15/2024Impact statement from SCC (SB174)
01/22/2024Senate committee, floor amendments and substitutes offered
01/22/2024Reported from Commerce and Labor with substitute (15-Y 0-N) (see vote tally)
01/22/2024Committee substitute printed 24106027D-S1
01/23/2024Senate committee, floor amendments and substitutes offered
01/24/2024Constitutional reading dispensed (40-Y 0-N) (see vote tally)
01/25/2024Engrossed by Senate - committee substitute SB174DS1
01/25/2024Read second time
01/25/2024Reading of substitute waived
01/25/2024Committee substitute agreed to 24106027D-S1
01/25/2024Engrossed by Senate - committee substitute SB174S1
01/26/2024Read third time and passed Senate (38-Y 0-N) (see vote tally)
02/13/2024Placed on Calendar
02/13/2024Read first time
02/13/2024Referred to Committee on Labor and Commerce
02/16/2024Impact statement from SCC (SB174S1)
02/20/2024House committee, floor amendments and substitutes offered
02/20/2024Reported from Labor and Commerce with substitute (22-Y 0-N) (see vote tally)
02/20/2024Committee substitute printed 24107880D-H1
02/22/2024Read second time
02/23/2024House committee, floor amendments and substitutes offered
02/23/2024Read third time
02/23/2024Committee substitute agreed to 24107880D-H1
02/23/2024Amendment by Delegate Maldonado agreed to
02/23/2024Engrossed by House - committee substitute with amendment SB174H1
02/23/2024Passed House with substitute with amendment (96-Y 0-N)
02/23/2024VOTE: Passage (96-Y 0-N) (see vote tally)
02/27/2024House substitute with amendment agreed to by Senate (39-Y 0-N) (see vote tally)
02/27/2024Title replaced 24107880D-H1
03/04/2024Enrolled
03/04/2024Bill text as passed Senate and House (SB174ER)
03/04/2024Signed by Speaker
03/05/2024Impact statement from SCC (SB174H1)
03/07/2024Signed by President
03/08/2024Impact statement from SCC (SB174ER)
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 578 (effective 7/1/24)

Duplicate Bills

The following bills are identical to this one: HB373.

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