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Elder Financial Abuse Bills Advance in Texas Senate and House
Friday, April 28, 2017 6:35 AM

Companion bills HB 3921 by Chairman Tan Parker (R-Flower Mound) and SB 2067 by Chairman Kelly Hancock (R-North Richland Hills) address the laws to protect the elderly and vulnerable from financial abuse.

The bills give financial institutions and security firms the option to put temporary holds on suspicious transactions and offer good faith immunity protections for them.

A credit union employee that has cause to believe that financial exploitation of an elderly or disabled accountholder is occurring (or has occurred) must notify the credit union, which in turn must investigate the suspected financial exploitation and report to Adult Protective Services. A financial institution that files a report is immune from civil or criminal liability unless the financial institution acted in bad faith. A financial institution that submits a report may place a hold on transactions and must do so if directed by Adult Protective Services.

The bills also give a legal definition of financial exploitation and establish a tiered reporting mechanism for the state agency charged with investigating the cases.

SB 2067 was heard by the Senate Business and Commerce Committee and left pending. HB 3921 was reported from the House Investments and Financial Services Committee and is set on the House Calendar for Wednesday, May 3.

For more information, please contact Texas Credit Union Association President Jeff Huffman at 469-385-6488 or jhuffman@txcua.coop.