SB166 Alabama 2020 Session

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

Relating to the protection of elderly and vulnerable adults; to allow a financial institution to refuse or delay a financial transaction when the financial institution has reasonable cause to suspect that financial exploitation may have occurred, may have been attempted, or is being attempted; to 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 or been attempted; and to provide immunity to a financial institution or an officer or employee of a financial institution for certain actions taken.