On Mar. 7, FLA LEG passed bill on financial exploitation protections.
FLA LEG passed bill SB 556 to add protections on potential financial exploitation.
Bill creates new section FLA LEG 30-415.10341, entitled Protection of specified adults.
Bill Provisions
Provides additional protections for specified and vulnerable adults who have accounts with financial institutions and may be victims of suspected financial exploitation.
Allows to delay of transactions of funds from an account of specified vulnerable adult.
If the financial institution reasonably believes that financial exploitation of the specified adult has occurred, is occurring, is attempted, or will be attempted in the transaction.
The financial institution must initiate an internal review of the facts and circumstances that caused the employee to reasonably suspect potential the financial exploitation.
Delay in transaction expires in 15 business days, and may be extended for an additional 30 business days; a court may shorten or extend the length of any delay.
The bill grants immunity from any liability that might otherwise arise from delay in transaction to financial institution who acts in good faith, exercising reasonable care.
Legislative History
On Jan. 9, 2024, bill introduced in Senate; on Feb. 29, 2024, bill passed in Senate.
On Mar. 4, 2024, bill introduced in House; on Mar. 6, 2023, bill passed in House.
On Mar. 7, 2024, Senate ordered bill to be enrolled; bill pending delivery to governor.
Effectiveness
Upon becoming law, the bill takes effect Jan. 1, 2025.
