SB628: Bill Text

SB628,,15 2. A mortgage banker, mortgage broker, or mortgage loan originator, as defined in s. 224.71 (3), (4), or (6).

SB628,,16 3. A seller of checks, as defined in s. 217.02 (9).

SB628,,17 4. A community currency exchange, as defined in s. 218.05 (1) (b).

SB628,,18 5. A payday loan licensee under s. 138.14.

SB628,,19 6. A title loan licensee under s. 138.16.

SB628,,20 7. A lender licensed under s. 138.09.

SB628,,21 8. An insurance premium finance company, as defined in s. 138.12 (1) (b).

SB628,,22 9. A sales finance company, as defined in s. 218.0101 (34).

SB628,,23 (h) “Financial transaction” means any of the following as applicable to the business of, or services provided by, a financial service provider:

SB628,,24 1. A transfer or disbursement of, or request to transfer or disburse, funds or assets in an account.

SB628,,25 2. A request to initiate a wire transfer, initiate an automated clearinghouse transfer, or issue a money order, cashier’s check, or teller’s check.

SB628,,26 3. A request to negotiate a check or other negotiable instrument.

SB628,,27 4. A request to change the ownership of an account.

SB628,,28 5. A request for a loan or other extension of credit or to draw on a line of credit.

SB628,,29 6. A request to modify a loan or other extension of credit or add an authorized signer on a line of credit.

SB628,,30 7. A request to issue a debit card or initiate a debit card transaction.

SB628,,31 8. A request to transfer the title to any real property, manufactured home, or motor vehicle, or to encumber any real property, manufactured home, or motor vehicle.

SB628,,32 (i) “Law enforcement agency” has the meaning given in s. 165.77 (1) (b).

SB628,,33 (j) “Vulnerable adult” means an adult at risk or an individual who is at least 65 years of age.

SB628,,34 (2) Financial service providers may refuse or delay transactions. (a) Notwithstanding any provision of ch. 403, 404, or 410, if a financial service provider has reasonable cause to suspect that financial exploitation of a vulnerable adult may have occurred, may have been attempted, or is being attempted, the financial service provider may, but is not required to, refuse or delay any of the following:

SB628,,35 1. A financial transaction on an account of the vulnerable adult.

SB628,,36 2. A financial transaction on an account on which the vulnerable adult is a beneficiary, including a trust, guardianship, or conservatorship account.

SB628,,37 3. A financial transaction on an account of a person suspected of perpetrating financial exploitation.

SB628,,38 (b) 1. Notwithstanding any provision of ch. 403, 404, or 410, a financial service provider may also refuse or delay a financial transaction under this subsection if an elder-adult-at-risk agency, adult-at-risk agency, or law enforcement agency provides information to the financial service provider demonstrating that it is reasonable to suspect that financial exploitation of a vulnerable adult may have occurred, may have been attempted, or is being attempted.

SB628,,39 2. Except as ordered by a court, a financial service provider is not required to refuse or delay a financial transaction when provided with information by an elder-adult-at-risk agency, adult-at-risk agency, or law enforcement agency alleging that financial exploitation of a vulnerable adult may have occurred, may have been attempted, or is being attempted, but may use its discretion to determine whether to refuse or delay a financial transaction based on the information available to the financial service provider.

SB628,,40 (c) A financial service provider that refuses or delays a financial transaction based on reasonable cause to suspect that financial exploitation of a vulnerable adult may have occurred, may have been attempted, or is being attempted shall do all of the following:

SB628,,41 1. Except with regard to an account administered by a financial institution in a fiduciary capacity, make a reasonable effort to notify, orally or in writing, one or more parties authorized to transact business on the account.

SB628,,42 2. If the incident involves financial exploitation of a vulnerable adult, report the incident to the applicable elder-adult-at-risk agency or adult-at-risk agency.

SB628,,43 (d) No notice under this subsection is required to be provided to any party authorized to conduct business on the account if the party is the suspected perpetrator of financial exploitation.

SB628,,44 (e) Except as provided in par. (f), any refusal by a financial service provider to conduct a financial transaction or delay a financial transaction as authorized by this subsection based on the financial service provider’s reasonable cause to suspect that financial exploitation of a vulnerable adult may have occurred, may have been attempted, or is being attempted expires upon the earliest of any of the following:

SB628,,45 1. The time when the financial service provider reasonably believes that the financial transaction will not result in financial exploitation of a vulnerable adult.

SB628,,46 2. The time when the customer requesting the transaction has been advised of a potential risk in the transaction and the customer has requested the transaction to continue as long as the customer is not the suspected perpetrator of financial exploitation.

SB628,,47 3. Five business days after the date on which the financial service provider first refused or delayed the financial transaction, unless the division or an agency to which the incident was reported under par. (c) 2. requests that the financial service provider extends the refusal or delay, in which case the refusal or delay shall expire no more than 15 business days after the date on which the financial service provider first refused or delayed the financial transaction unless it is otherwise terminated or extended by the division or court order.

SB628,,48 (f) A court may enter an order extending the time that a financial service provider shall refuse or delay a financial transaction based on reasonable cause to suspect that financial exploitation of a vulnerable adult may have occurred, may have been attempted, or is being attempted.

SB628,,49 (g) Notwithstanding any provision of ch. 403, 404, or 410, a financial service provider, or an employee of a financial service provider, acting in good faith is immune from all criminal, civil, and administrative liability for any of the following:

SB628,,50 1. Refusing or not refusing, or delaying or not delaying, a financial transaction under this subsection.

SB628,,51 2. Actions taken in furtherance of the determination made under subd. 1. if the determination was based on a reasonable suspicion.

SB628,,52 (3) List of authorized contacts. (a) A financial service provider may offer to a vulnerable adult the opportunity to submit and periodically update a list of persons that the vulnerable adult authorizes the financial service provider to contact when the financial service provider has reasonable cause to suspect that the vulnerable adult is a victim or a target of financial exploitation.

SB628,,53 (b) A financial service provider, or an officer or employee of the financial service provider, that has reasonable cause to suspect that a vulnerable adult is the victim or target of financial exploitation may convey the suspicion to any of the following if the person is not the suspected perpetrator:

SB628,,54 1. Any person on the list described in par. (a) if a list has been provided by the vulnerable adult.

SB628,,55 2. Any co-owner, additional authorized signatory, or beneficiary on the account of the vulnerable adult.

SB628,,56 3. Any person known by the financial service provider to be a family member, including a parent, spouse, adult child, or sibling.

SB628,,57 (c) When providing information under this subsection, the financial service provider may limit the information and disclose only that the financial service provider has reasonable cause to suspect that the vulnerable adult may be a victim or target of financial exploitation without disclosing any other details or confidential personal information regarding the financial affairs of the vulnerable adult.

SB628,,58 (d) The financial service provider may choose not to contact any person on the list provided under par. (a) if the financial service provider suspects that the person is engaged in financial exploitation.

SB628,,59 (e) The financial service provider may rely on information provided by the customer in compiling a list of contact persons.

SB628,,60 (f) A financial service provider, or an employee of a financial service provider, acting in good faith is immune from all criminal, civil, and administrative liability for contacting a person or electing not to contact a person under this subsection and for actions taken in furtherance of that determination if the determination was made based on reasonable suspicion.

SB628,,61 (4) Financial service providers may refuse power of attorney. (a) Notwithstanding s. 244.20, a financial service provider may refuse to accept an acknowledged power of attorney if the principal is a vulnerable adult and the financial service provider has reasonable cause to suspect that the principal is or may be the victim or target of financial exploitation by the agent or person acting for or with the agent.

SB628,,62 (b) A financial service provider, or an employee of a financial service provider, acting in good faith is immune from all criminal, civil, and administrative liability for refusing to accept a power of attorney or for accepting a power of attorney under this subsection and for actions taken in furtherance of that determination if the determination was based on reasonable suspicion.

SB628,,63 (end)