Bill Text: NJ S3344 | 2020-2021 | Regular Session | Amended

---

Bill Title: Requires financial institutions to release records to adult protective services when suspecting fraud of vulnerable adult or senior customer; allows adult protective services to release same records to law enforcement agency if necessary.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Introduced - Dead) 2021-05-06 - Reported from Senate Committee with Amendments, 2nd Reading [S3344 Detail]

Download: New_Jersey-2020-S3344-Amended.html

---

[First Reprint]

SENATE, No. 3344

STATE OF NEW JERSEY

219th LEGISLATURE

 

INTRODUCED JANUARY 12, 2021

 

 

Sponsored by:

Senator  RONALD L. RICE

District 28 (Essex)

Senator  FRED H. MADDEN, JR.

District 4 (Camden and Gloucester)

 

 

 

 

SYNOPSIS

     Requires financial institutions to release records to adult protective services when suspecting fraud of vulnerable adult or senior customer; allows adult protective services to release same records to law enforcement agency if necessary.

 

CURRENT VERSION OF TEXT

     As reported by the Senate Health, Human Services and Senior Citizens Committee on May 6, 2021, with amendments.

  

An Act concerning the release of certain account information by a financial institution under certain circumstances and amending P.L.1998, c.121.

 

     Be It Enacted by the Senate and General Assembly of the State of New Jersey:

 

     ¹[1.  Section 3 of P.L.1998, c.121 (C. 17:16T-3) is amended to read as follows:

     3.    a.  Notwithstanding any other law, regulation or common law to the contrary, a financial institution [may]shall release the financial records regarding a customer's account to [a law enforcement agency,] a county adult protective services provider[, or both] if:

     [a.] (1) A vulnerable customer or a senior customer has a beneficial interest in the account either wholly or in part; and

     [b](2). The financial institution suspects that illegal activity is, or will be, taking place which involves the account including, but not limited to, defrauding any vulnerable or senior customer who has a beneficial interest in the account.

     b.    A county adult protective services provider receiving financial records from a financial institution pursuant to subsection a. of this section may release the records to a law enforcement agency, if deemed necessary.]¹

 

      ¹1.  Section 3 of P.L.1998, c.121 (C.17:16T-3) is amended to read as follows:

      3.   a.  Notwithstanding any other law, regulation or common law to the contrary, a financial institution [may] shall release the financial records regarding a customer's account to [a law enforcement agency,] a county adult protective services provider [, or both] if:

      [a.] (1)  A vulnerable customer or a senior customer has a beneficial interest in the account either wholly or in part; and

      [b.] (2)  The financial institution reasonably suspects that illegal activity is, or will be, taking place which involves the account including, but not limited to, defrauding any vulnerable or senior customer who has a beneficial interest in the account.

      b.   A county adult protective services provider receiving financial records from a financial institution pursuant to subsection a. of this section may release the records to a law enforcement agency, if the provider deems the release to be necessary.¹

(cf: P.L.1998, c.121, s.3)

 

     2.    This act shall take effect immediately.