This bill would allow a financial institution to refuse or delay a financial transaction on an account of an elderly or vulnerable adult, on an account on which an elderly or vulnerable adult is a beneficiary, or on an account of a person suspected of perpetrating financial exploitation when a financial institution has reasonable cause to suspect that financial exploitation may have occurred, may have been attempted, or is being attempted.
This bill would also allow a financial institution to offer to an elderly or vulnerable adult the opportunity to submit and periodically update a list of persons that may be contacted when the financial institution has reasonable cause to suspect that financial exploitation may have occurred, may have been attempted, or is being attempted.
Pending third reading on day 13 Favorable from Banking and Insurance
Read for the first time and referred to the Senate committee on Banking and Insurance
Read for the second time and placed on the calendar
Motion to Read a Third Time and Pass adopted Roll Call 165
Third Reading Passed
Read for the second time and placed on the calendar
Read for the first time and referred to the House of Representatives committee on Financial Services
Source: Alabama Legislature