HB147 Alabama 2021 Session

Summary

Primary Sponsor

Chris Blackshear Representative

Republican

Session

Regular Session 2021

Title

Financial institutions, authorized to refuse to execute or delay execution of certain financial transactions involving account of an elderly or vulnerable adult when financial exploitation may have occurred, may have been attempted, or is being attempted

Description

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.

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Subjects

Financial Institutions