Fiduciary Institutions - Exploitation of Seniors and Vulnerable Adults - Protections and Required Referral (Vulnerable Adult Banking Protection Act)

HB 1008, the "Vulnerable Adult Banking Protection Act," allows banks and credit unions to delay or block payments from accounts of seniors (65+) or vulnerable adults (those who lack capacity to meet daily needs) if they reasonably suspect financial exploitation. The bill requires financial institutions to notify authorized account holders (unless they suspect that person of exploitation) and report the delay to Adult Protective Services or law enforcement within four business days. It also mandates that institutions provide status updates to authorities upon request, creating a formal process to address potential abuse while protecting vulnerable account holders.