September 26, 2019 - Introduced by Representatives Macco, Wittke, Bowen,
Brandtjen, Dittrich, Duchow, Edming, Gundrum, Horlacher, James,
Katsma, Knodl, Krug, Kulp, Kurtz, Magnafici, Mursau, Novak, Petersen,
Petryk, Plumer, Quinn, Ramthun, Rohrkaste, Schraa, Steffen,
Summerfield, Thiesfeldt, Tittl, Tranel, Tusler, Skowronski and
Felzkowski, cosponsored by Senators Testin, Carpenter, Bernier, Cowles,
Feyen, Jacque, LeMahieu, Marklein, Olsen, Petrowski, Stroebel and
Wirch. Referred to Committee on Criminal Justice and Public Safety.

This bill allows financial service providers to refuse or delay financial
transactions when financial exploitation of a vulnerable adult is suspected. The bill
authorizes financial service providers to take certain other actions to prevent or
detect financial exploitation of vulnerable adults.

Under current law, upon receiving a report of alleged abuse, financial
exploitation, neglect, or self-neglect of any person age 60 or older who has
experienced, is experiencing, or is at risk of experiencing abuse, neglect, self-neglect,
or financial exploitation (an elder adult at risk), the elder-adult-at-risk agency in
a county must respond by investigating or must refer the report to another agency
for investigation. Similarly, if the adult-at-risk agency in a county has reason to
believe that an adult 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 (an adult at risk) is the subject of abuse, financial exploitation, neglect,
or self-neglect, the adult-at-risk agency may respond by investigating to determine
whether the adult at risk is in need of protective services. “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 this bill, if a financial service provider reasonably suspects that financial
exploitation of an adult at risk or an individual who is 60 years of age or older
(together, vulnerable adult) has occurred or been attempted, the financial service
provider may, but is not required to, refuse or delay a financial transaction on an
account of the vulnerable adult or on which the vulnerable adult is a beneficiary or
on an account of a person suspected of perpetrating financial exploitation. The
definition of “financial service provider” under the bill includes financial
institutions, mortgage bankers and brokers, other types of lenders, and check
cashing services. In addition, a financial service provider may, but is not required
to, refuse or delay a financial transaction if an elder-adult-at-risk agency,
adult-at-risk agency, or law enforcement agency provides information to the
financial service provider that financial exploitation of a vulnerable adult may have
occurred or been attempted. The bill requires certain notice if a financial service
provider refuses or delays a financial transaction under these circumstances and
establishes certain time limits applicable to the refusal or delay of the financial
transaction. In addition, the bill allows a financial service provider to refuse to
accept a power of attorney of a vulnerable adult if the financial service provider
reasonably suspects that the vulnerable adult may be the victim of financial
exploitation.

The bill also 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 and authorizes the financial service provider to convey its suspicions of
financial exploitation to certain persons, including persons on this list.

Under the bill, a financial service provider is immune from criminal, civil, and
administrative liability for all of the following: 1) refusing or not refusing, or
delaying or not delaying, a financial transaction; 2) refusing to accept or accepting
a power of attorney; 3) contacting a person or not contacting a person to convey a
suspicion of financial exploitation; and 4) any action based on a reasonable
determination related to the preceding items 1 to 3.