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REFERENCE TITLE: financially vulnerable adult; financial exploitation |
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State of Arizona House of Representatives Fifty-seventh Legislature First Regular Session 2025
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HB 2695 |
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Introduced by Representatives Livingston: Nguyen
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AN ACT
amending title 46, chapter 4, article 1, Arizona Revised Statutes, by adding section 46-456.01; relating to adult protective services.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Title 46, chapter 4, article 1, Arizona Revised Statutes, is amended by adding section 46-456.01, to read:
46-456.01. Financial institutions; financially vulnerable adults; trusted contact list; training; immunity; definitions
A. A financial institution may offer to a financially vulnerable adult the opportunity to submit and update a trusted contact list. A financial institution shall conduct the same level of reasonable due diligence on any trusted person that the financial institution conducts for the financial institution's customers.
B. A financial institution that has reasonable cause to suspect that a financially vulnerable adult is a victim or target of exploitation shall communicate with any or all of the following:
1. Any person on the trusted contact list.
2. A co-owner, additional authorized signatory or beneficiary on any account that is held by a financially vulnerable adult.
3. Any individual who is reasonably associated with the financially vulnerable adult, including a family member, if the financially vulnerable adult:
(a) Did not provide a trusted contact list or the financial institution was unable to communicate with the individuals on the trusted contact list.
(b) Does not have a power of attorney.
C. Information that is shared pursuant to this section is exempt from any customer consent or customer notice requirements.
D. A financial institution shall provide training that includes all of the following:
1. How to identify exploitation of a financially vulnerable adult.
2. How to report suspected financial exploitation internally within the financial institution.
3. How to report suspected exploitation to law enforcement, adult protective services or any other governmental entity.
4. How to recognize the signs of exploitation.
5. How to protect confidential information.
E. A financial institution that provides exploitation training to identify financially vulnerable adults shall:
1. Retain a copy of the training materials.
2. Maintain a list of employees who attend the training and include the dates of completion for each employee.
3. Provide the training materials to the department of insurance and financial institutions or any other governmental entity on request. The financial institution may not disclose the training materials to former employees.
F. If a financial institution has reasonable suspicion to believe that a financially vulnerable adult is being or may have been exploited, the financial institution shall report the behavior to adult protective services, law enforcement or any other governmental entity. The financial institution shall cooperate in any investigation and disclose financial records and information relevant to an investigation.
G. A financial institution is immune from any civil or administrative liability for any act taken or omission made in good faith pursuant to this section, if the financial institution provided training to the financial institution's employees.
H. For the purposes of this section:
1. "Financial institution":
(a) Has the same meaning prescribed in section 6-101.
(b) Includes employees of the financial institution.
2. "Financially vulnerable adult" means an individual who is either of the following:
(a) At least sixty-five years of age.
(b) At least eighteen years of age and who is incapable of managing or directing the management of the individual's property due to any of the following:
(i) Mental illness.
(ii) Intellectual disability.
(iii) Dementia.
(iv) Other physical or mental incapacity.
3. "Trusted contact list" means a list of trusted individuals that a financially vulnerable adult submits to a financial institution and that authorizes the financial institution to contact individuals on the list if the financial institution has reasonable cause to suspect that the financially vulnerable adult is a victim or target of exploitation.