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State Legislation/Regulation

LD 1782: Preventing Elder and Dependent Adult Financial Abuse:  Senator Arthur Mayo III introduced LD 1782: “An Act to Prevent Elder and Dependent Adult Financial Abuse”.  It was referred to the Committee on Insurance and Financial Services.  This legislation required officers and employees of financial institutions to report suspected financial abuse of an elder (65 or older) or a dependent adult.

The Joint Standing Committee on Insurance and Financial Services (Sen. Nancy B. Sullivan – Senate Chair, and Rep. Anne C. Perry – House Chair) held a public hearing on L.D. 1782 on Tuesday, January 24, 2006. During the hearing, the banks made it clear that they opposed any mandated reporting.  The Insurance and Financial Services Committee held a work session on this bill Tuesday, February 14th.

In the end, LD 1782 was NOT enacted.  Parties involved in the debate (Superintendent of Banking, Community Banks, Area Agencies on Aging, Adult Protective Services, Law Enforcement, AARP and the Triads) made a commitment to continue to work on this issue. That workgroup met January 31, 2006, and removed the mandated reporting requirement.  Instead, financial institutions will be urged to provide voluntary, updated training for their employees.  The workgroup will continue on to ensure that this issue receives the attention it deserves.

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