SB369
AN ACT relating to financial institutions; requiring certain financial institutions, credit unions, savings banks and thrift companies to take certain actions relating to the use of an emergency financial contact for certain accounts and transactions which involve an older person or vulnerable person; authorizing certain persons to temporarily delay certain financial transactions involving the suspected exploitation of an older person or vulnerable person; exempting certain persons from liability for certain actions relating to the suspected exploitation of an older person or vulnerable person; creating a civil cause of action to recover damages for certain violations of certain requirements relating to the use of an emergency financial contact which result in exploitation of an older person or vulnerable person; and providing other matters properly relating thereto. Close title AN ACT relating to financial institutions; requiring certain financial institutions, credit unions, savings banks and thrift companies to take certain actions relating to the use of an emergency financial contact for certain accounts and transactions which involve an older person or vulnerable person; authorizing certain persons to temporarily delay certain financial transactions involving the suspected exploitation of an older person or vulnerable person; exempting certain persons from liability for certain actions relating to the suspected exploitation of an older person or vulnerable person; creating a civil cause of action to recover damages for certain violations of certain requirements relating to the use of an emergency financial contact which result in exploitation of an older person or vulnerable person; and providing other matters properly relating thereto.
Introduction Date
Monday, March 17, 2025
Primary Sponsor
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AN ACT relating to financial institutions; requiring certain financial institutions, credit unions, savings banks and th
Existing law requires certain financial institutions, credit unions, savings banks and thrift companies to: (1) provide training concerning the identification and reporting of the exploitation of older persons and vulnerable persons to certain directors, officers and employees who may interact with or review information of an older person or vulnerable person in providing financial services; and (2) designate a person to whom a director, officer or employee must report known or suspected exploitation of an older person or vulnerable person. (NRS 657.220-657.290, 672.767-672.779, 673.773-673.807, 677.673-677.707) Existing law requires a designated reporter, under certain circumstances, to report known or suspected exploitation of an older person or vulnerable person to the Aging and Disability Services Division of the Department of Health and Human Services, a police department or sheriff's office and any county office for protective services. (NRS 657.290, 672.779, 673.807, 677.707) Existing law also: (1) authorizes a designated reporter for certain financial institutions to delay a requested disbursement or transaction involving an older person or vulnerable person if the designated reporter knows or has reasonable cause to believe that the older person or vulnerable person has been exploited; and (2) sets forth procedures and requirements for the imposition of such a delay. Additionally, existing law provides that a financial institution and its officers, employees and
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