Bill aimed at protecting seniors, vulnerable adults against financial exploitation signed

TALLAHASSEE, Fla. — Gov. Ron DeSantis on Tuesday signed nine bills, including a measure (SB 556) that will allow banks to delay disbursing money if employees think seniors or “vulnerable” adults could be getting financially exploited.

▶ WATCH CHANNEL 9 EYEWITNESS NEWS

Supporters said during this year’s legislative session that the bill was needed because of widespread scams that involve seniors withdrawing money from their bank accounts.

The bill, sponsored by Sen. Darryl Rouson, D-St. Petersburg, includes a finding that “many persons in this state, because of age or disability, are at increased risk of financial exploitation and loss of their assets, funds, investments, and investment accounts.

Read: Deputies investigate an officer-involved shooting in Holly Hill

The Legislature further finds that specified adults in this state are at a statistically higher risk of being targeted for financial exploitation, regardless of diminished capacity or other disability, because of their accumulation of substantial assets and wealth compared to younger age groups.”

The bill, which will take effect Jan. 1, will allow banks to delay disbursing money if certain steps are taken.

Read: Deputies: Missing boy with autism found safe in water as deep as his neck

As an example, it will require banks to notify in writing all people authorized to transact business on the accounts and any “trusted contact” listed on the accounts, with the exception of people suspected of exploitation.

It will also provide legal immunity to banks if they act in “good faith” in delaying disbursement of money.

Read: OCPS students protest changes to Pride Month proclamations

Click here to download our free news, weather and smart TV apps. And click here to stream Channel 9 Eyewitness News live.

©2024 Cox Media Group