Bill Text: VA HB692 | 2024 | Regular Session | Prefiled
Bill Title: Financial institutions; reporting financial exploitation of elderly or vulnerable adults.
Spectrum: Partisan Bill (Democrat 7-0)
Status: (Passed) 2024-04-05 - Governor: Acts of Assembly Chapter text (CHAP0530) [HB692 Detail]
Download: Virginia-2024-HB692-Prefiled.html
Be it enacted by the General Assembly of Virginia:
1. That the Code of Virginia is amended by adding a section numbered 6.2-103.2 as follows:
§6.2-103.2. Reporting financial exploitation of senior citizens.
A. As used in this section, unless the context requires a different meaning:
"Financial exploitation" has the same meaning as provided in §63.2-1603.
"Senior citizen" means an individual who is 65 years of age or older.
"Trusted contact" means an individual who is (i) 18 years of age or older and (ii) identified and authorized by a senior citizen to be contacted by a financial institution regarding possible financial exploitation.
B. 1. Any financial institution with more than 20 employees shall provide training relating to identifying and reporting the suspected financial exploitation of a senior citizen as described in subdivision 2 to employees and officers of such financial institution who may (ii) come into contact with senior citizens in the course of employment or (ii) review the financial documents, records, or transactions of a senior citizen in connection with providing financial services to such senior citizen. A financial institution with 20 or fewer employees may opt to provide such training, provided that such training conforms to the requirements of this subsection.
2. The content of any training provided by a financial institution relating to identifying and reporting suspected financial exploitation of a senior citizen shall:
a. Be maintained by such financial institution and be made available to the Commission upon request, except that a financial institution shall not be required to maintain or make available such content relating to any individual who is no longer employed by or affiliated or associated with such financial institution;
b. Instruct individuals attending such training on how to identify the suspected financial exploitation of a senior citizen, including common signs that indicate such financial exploitation, and how to report such suspected financial exploitation internally at such financial institution, to a designated trusted contact, and to the Federal Bureau of Investigation (FBI), the Department of Aging and Rehabilitative Services (DARS), and local law-enforcement authorities;
c. Discuss the need to protect the privacy and respect the integrity of each customer of such financial institution; and
d. Be appropriate to the job responsibilities of the individuals attending such training.
3. A financial institution that conducts such training as provided in subdivision 2 shall maintain records of all employees and officers of such financial institution who complete such training and the date of such completion. Such financial institution shall make such records available to the Commission upon request.
C. An employee or officer of a financial institution who (i) has received the training described in subsection B and (ii) reasonably believes that the financial exploitation of a senior citizen may have occurred, may have been attempted, or is being attempted shall promptly report such suspected financial exploitation to the FBI, DARS, and local law-enforcement authorities. In support of such a report or upon the request of the FBI, DARS, or local law-enforcement authorities, such financial institution shall provide access to or copies of records that are relevant to the investigation of such suspected financial exploitation. No record disclosed pursuant to this subsection shall be considered a public record as defined in § 2.2-3701.
D. 1. A financial institution may permit any customer of such financial institution who is a senior citizen to designate, upon each account wholly or partly owned by such senior citizen, at least one trusted contact other than a co-owner, beneficiary, or fiduciary on the account. For each such designation, the customer shall provide the trusted contact's name, mailing address, and any other contact information that the financial institution may use to contact the trusted contact. Such financial institution shall maintain such information in a record associated with each account to which such designation applies. A financial institution may establish reasonable procedures to confirm the identity of a trusted contact. A financial institution shall not require an individual designated as a trusted contact to consent to such designation as a precondition of being recorded as a trusted contact upon any account.
2. If a senior citizen has designated one or more trusted contacts pursuant to subdivision 1, an employee or officer of a financial institution who (i) has received the training described in subsection B and (ii) reasonably believes that the financial exploitation of such senior citizen may have occurred, may have been attempted, or is being attempted may disclose to such trusted contact or contacts such suspected financial exploitation unless such employee or officer reasonably believes that such trusted contact or contacts are involved in financial exploitation or other abuse of such senior citizen.
E. No employee or officer of a financial institution who has received the training described in subsection B shall be liable, including in any civil or administrative proceeding, for disclosing the suspected financial exploitation of a senior citizen pursuant to this section if such disclosure was made in good faith and with reasonable care. No financial institution that has provided the training described in subsection B shall be liable for any such disclosure by an employee or officer of such financial institution.
F. The provisions of this section applicable to financial institutions may be applied to national banking associations, federal savings banks, federal savings and loan associations, or institutions chartered or organized as a federal credit union under the laws of the United States, to the extent that such entities have voluntarily implemented the requirements of this section and provided that any such provision is not expressly preempted by federal law, rule, regulation, or order.
