HB 2695 Arizona House · 57th Legislature - First Regular Session

financially vulnerable adult; financial exploitation

HB 2695 requires Arizona financial institutions to offer vulnerable adults a "trusted contact list" to help prevent financial exploitation. It mandates staff training to identify exploitation, report suspected cases to authorities, and share information with trusted contacts or family members if an adult shows signs of being targeted. The bill defines "financially vulnerable adults" as those aged 65+ or unable to manage finances due to mental illness, disability, or dementia. Financial institutions gain legal immunity for good-faith actions taken under this law, including reporting suspected exploitation to adult protective services or law enforcement.

Bill status passed 3 of 5 stages cleared

Introduction

Jan 2025

Committee Review

House Passage

Mar 2025

Senate Passage

Governor

Introduced Jan 29, 2025 Last action Mar 11, 2025

Maddy AI version diff · 1 comparison

What changed between versions

Introduced Version → House Engrossed Version · 7 edits · Mar 4, 2025

MODERATE

The bill was reformatted from an introduced version to a house engrossed version, with significant substantive changes to the text of the new section 46-456.01. The engrossed version removes the requirement for financial institutions to conduct due diligence on trusted contacts, changes mandatory reporting to permissive reporting, and adds a new immunity provision. It also clarifies that the section does not create a cause of action against financial institutions.

Scope change

The bill's scope was narrowed from requiring financial institutions to conduct due diligence on trusted contacts to merely offering the opportunity to submit a trusted contact list. Reporting obligations were changed from mandatory to permissive.

REQUIREMENT

Changed from requiring financial institutions to conduct due diligence on trusted contacts to merely offering the opportunity to submit a trusted contact list.

Changed mandatory communication requirements with trusted contacts to permissive communication with trusted contacts, co-owners, and associated individuals.

Changed mandatory reporting of suspected exploitation to permissive reporting of suspected exploitation.

Added a requirement to communicate with a financial power of attorney if one exists.

ENFORCEMENT

Added explicit immunity from civil or administrative liability for financial institutions acting in good faith with reasonable care.

DEFINITION

Added a new provision stating that the section does not create a cause of action against financial institutions.

Changed 'trusted contact list' to 'trusted contact' in the definition section.

Floor votes · House Mar 4, 2025

How they voted

55–3

Passed · 2 other

Total votes 60

Mar 4, 2025

D Democratic27

26 Yea 1

96% Yea

R Republican33

29 Yea 3 Nay 1

87% Yea

Vote distribution

All Yea All Nay Mixed No data

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

Mar 4, 2025

Lower · Passed

PASSED

lower

Feb 27, 2025

Lower · Passed

DPA

lower

Feb 18, 2025

Lower · Passed

DPA

lower

1 primary · 1 co-sponsor