This is the preview version of the Wisconsin State Legislature site.
Please see http://docs.legis.wisconsin.gov for the production version.
2023 - 2024 LEGISLATURE
SENATE SUBSTITUTE AMENDMENT 1,
TO SENATE BILL 628
February 15, 2024 - Offered by Senator Stafsholt.
SB628-SSA1,1,2 1An Act to create 224.45 of the statutes; relating to: financial exploitation of
2vulnerable adults.
Analysis by the Legislative Reference Bureau
This bill provides a process for a financial service provider to create a list of
persons that a vulnerable adult authorizes to be contacted if the financial service
provider reasonably suspects that the vulnerable adult is a victim of financial
exploitation. The bill also authorizes the financial service provider to convey its
suspicions of financial exploitation to the persons on this list and certain other
persons. The bill defines a “financial service provider” to include financial
institutions chartered in this state as well as such other state-licensed financial
services providers as mortgage bankers and brokers, other types of lenders, and
check cashing services. A “vulnerable adult” is an adult who is at least 65 years of
age or who has a physical or mental condition that substantially impairs his or her
ability to care for his or her needs and who has experienced, is experiencing, or is at
risk of experiencing abuse, neglect, self-neglect, or financial exploitation. “ Financial
exploitation” includes obtaining an individual's money or property by deceiving or
enticing the individual or by coercing the individual to give, sell at less than fair
value, or convey money or property against his or her will without his or her informed
consent, and also includes certain crimes such as theft and forgery.
Under the bill, a financial service provider acting in good faith is immune from
criminal, civil, and administrative liability for contacting a person or not contacting

a person to convey a suspicion of financial exploitation and for any action taken in
furtherance of its reasonable suspicion of financial exploitation.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
SB628-SSA1,1 1Section 1. 224.45 of the statutes is created to read:
SB628-SSA1,2,3 2224.45 Financial exploitation of vulnerable adults. (1) Definitions. In
3this section:
SB628-SSA1,2,74 (a) “Account” means funds or assets held by a financial service provider,
5including a deposit account, savings account, share account, certificate of deposit,
6trust account, guardianship or conservatorship account, or retirement account, and
7also including an account associated with a loan or other extension of credit.
SB628-SSA1,2,88 (b) “Financial exploitation” has the meaning given in s. 46.90 (1) (ed).
SB628-SSA1,2,109 (c) “Financial institution” means a bank, savings bank, savings and loan
10association, trust company, or credit union chartered under the laws of this state.
SB628-SSA1,2,1211 (d) “Financial service provider” means any of the following engaged in or
12transacting business in this state:
SB628-SSA1,2,1313 1. A financial institution.
SB628-SSA1,2,1514 2. A mortgage banker, mortgage broker, or mortgage loan originator, as defined
15in s. 224.71 (3), (4), or (6).
SB628-SSA1,2,1616 3. A seller of checks, as defined in s. 217.02 (9).
SB628-SSA1,2,1717 4. A community currency exchange, as defined in s. 218.05 (1) (b).
SB628-SSA1,2,1818 5. A payday loan licensee under s. 138.14.
SB628-SSA1,2,1919 6. A title loan licensee under s. 138.16.
SB628-SSA1,2,2020 7. A lender licensed under s. 138.09.
SB628-SSA1,2,2121 8. An insurance premium finance company, as defined in s. 138.12 (1) (b).
SB628-SSA1,3,1
19. A sales finance company, as defined in s. 218.0101 (34).
SB628-SSA1,3,32 (e) “Vulnerable adult” means an adult at risk, as defined in s. 55.01 (1e), or an
3individual who is at least 65 years of age.
SB628-SSA1,3,8 4(2) List of authorized contacts. (a) A financial service provider may offer to
5a vulnerable adult the opportunity to submit and periodically update a list of persons
6that the vulnerable adult authorizes the financial service provider to contact when
7the financial service provider has reasonable cause to suspect that the vulnerable
8adult is a victim or a target of financial exploitation.
SB628-SSA1,3,129 (b) A financial service provider, or an officer or employee of the financial service
10provider, that has reasonable cause to suspect that a vulnerable adult is the victim
11or target of financial exploitation may convey the suspicion to any of the following
12if the person is not the suspected perpetrator:
SB628-SSA1,3,1413 1. Any person on the list described in par. (a) if a list has been provided by the
14vulnerable adult.
SB628-SSA1,3,1615 2. Any co-owner, additional authorized signatory, or beneficiary on the account
16of the vulnerable adult.
SB628-SSA1,3,1817 3. Any person known by the financial service provider to be a family member,
18including a parent, spouse, adult child, or sibling.
SB628-SSA1,3,2319 (c) When providing information under this subsection, the financial service
20provider may limit the information and disclose only that the financial service
21provider has reasonable cause to suspect that the vulnerable adult may be a victim
22or target of financial exploitation without disclosing any other details or confidential
23personal information regarding the financial affairs of the vulnerable adult.
SB628-SSA1,4,3
1(d) The financial service provider may choose not to contact any person on the
2list provided under par. (a) if the financial service provider suspects that the person
3is engaged in financial exploitation.
SB628-SSA1,4,54 (e) The financial service provider may rely on information provided by the
5customer in compiling a list of contact persons.
SB628-SSA1,4,106 (f) A financial service provider, or an employee of a financial service provider,
7acting in good faith is immune from all criminal, civil, and administrative liability
8for contacting a person or electing not to contact a person under this subsection and
9for actions taken in furtherance of that determination if the determination was made
10based on reasonable suspicion.
Loading...
Loading...