S00639 Summary:

BILL NOS00639
 
SAME ASSAME AS A05336-A
 
SPONSORVALESKY
 
COSPNSRADDABBO, AVELLA, CARLUCCI, COMRIE, GALLIVAN, LATIMER, SERINO
 
MLTSPNSR
 
Amd S473, Soc Serv L; amd S4, Bank L
 
Authorizes banks to refuse payment of moneys when there is reason to believe that a vulnerable adult is being financially exploited.
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S00639 Actions:

BILL NOS00639
 
01/07/2015REFERRED TO AGING
03/03/20151ST REPORT CAL.174
03/04/20152ND REPORT CAL.
03/09/2015ADVANCED TO THIRD READING
06/15/2015PASSED SENATE
06/15/2015DELIVERED TO ASSEMBLY
06/15/2015referred to aging
01/06/2016died in assembly
01/06/2016returned to senate
01/06/2016REFERRED TO AGING
01/26/20161ST REPORT CAL.71
02/01/20162ND REPORT CAL.
02/02/2016ADVANCED TO THIRD READING
03/22/2016PASSED SENATE
03/22/2016DELIVERED TO ASSEMBLY
03/22/2016referred to aging
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S00639 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                           639
 
                               2015-2016 Regular Sessions
 
                    IN SENATE
 
                                       (Prefiled)
 
                                     January 7, 2015
                                       ___________
 
        Introduced  by  Sen. VALESKY -- read twice and ordered printed, and when
          printed to be committed to the Committee on Aging
 
        AN ACT to amend the social services law and the banking law, in relation
          to authorizing banking institutions to refuse to  disburse  moneys  in
          circumstances of the financial exploitation of a vulnerable adult
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Section 473 of the social services law is amended by adding
     2  a new subdivision 9 to read as follows:
     3    9. (a) As used in this subdivision:
     4    (i) "Banking institution" means any state or federally chartered bank,
     5  trust company, savings bank, savings and  loan  association  or,  credit
     6  union.
     7    (ii)  "Vulnerable  adult"  means  an  individual who because of mental
     8  and/or  physical  impairment,  is  unable  to  manage  his  or  her  own
     9  resources, or protect himself or herself from financial exploitation.
    10    (b) If a banking institution, social services official or law enforce-
    11  ment agency reasonably believes that financial exploitation of a vulner-
    12  able  adult  has occurred or may occur, the banking institution may, but
    13  shall not be required to, refuse any transaction requiring the disbursal
    14  of moneys in the account of:
    15    (i) a vulnerable adult;
    16    (ii) which a vulnerable adult is a beneficiary,  including  trust  and
    17  guardianship accounts; and
    18    (iii) a person who is suspected of engaging in the financial exploita-
    19  tion of a vulnerable adult.
    20    (c)  A banking institution may also refuse to disburse moneys pursuant
    21  to this subdivision if a social services  official  or  law  enforcement
    22  agency provides information to such institution demonstrating that it is
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01974-01-5

        S. 639                              2
 
     1  reasonable  to believe that financial exploitation of a vulnerable adult
     2  has occurred or may occur.
     3    (d)  A banking institution shall not be required to refuse to disburse
     4  funds pursuant to this section. Such a refusal shall be in  the  banking
     5  institution's  discretion,  based  on  the information available to such
     6  institution.
     7    (e) Any banking institution which refuses to disburse moneys  pursuant
     8  to this subdivision shall:
     9    (i)  make a reasonable effort to provide notice, orally or in writing,
    10  to all parties authorized to transact business on the account from which
    11  disbursement was refused; and
    12    (ii) report the incident to the social services  official  responsible
    13  for administering adult protective services pursuant to this article for
    14  the affected vulnerable adult.
    15    (f)  The refusal to disburse moneys pursuant to this subdivision shall
    16  terminate upon the earlier of:
    17    (i) the time at which the banking institution is  satisfied  that  the
    18  disbursement  will not result in the financial exploitation of a vulner-
    19  able adult; or
    20    (ii) the issuance of an order by a court  of  competent  jurisdiction,
    21  directing the disbursal of the moneys.
    22    (g)  A  banking institution may provide access to or copies of records
    23  relevant to suspected financial exploitation of a  vulnerable  adult  to
    24  law  enforcement  agencies and social services officials responsible for
    25  administering the provisions of this article. Such records  may  include
    26  relevant   historical   records  and  recent  transactions  relating  to
    27  suspected financial exploitation.
    28    (h) A banking institution or an employee of such an institution  shall
    29  be  immune from criminal, civil or administrative liability for refusing
    30  to disburse moneys or disbursing moneys pursuant  to  this  subdivision,
    31  and  for  actions  taken in furtherance of that determination, including
    32  the making of a report or the providing of access to or copies of  rele-
    33  vant records to a social services official or law enforcement agency, if
    34  such  determinations  and actions were made in good faith and in accord-
    35  ance with the provisions of this subdivision.
    36    § 2. Section 4 of the banking law is amended by adding a new  subdivi-
    37  sion 4 to read as follows:
    38    4.  A  banking institution or an employee of such an institution shall
    39  be immune from criminal, civil or administrative liability for  refusing
    40  to  disburse moneys or disbursing moneys pursuant to subdivision nine of
    41  section four hundred seventy-three of the social services law,  and  for
    42  actions taken in furtherance of that determination, including the making
    43  of  a report or the providing of access to or copies of relevant records
    44  to a social services official or law enforcement agency, if such  deter-
    45  minations  and  actions  were  made in good faith and in accordance with
    46  subdivision nine of section four hundred  seventy-three  of  the  social
    47  services law. For purposes of this subdivision, the term "banking insti-
    48  tution" shall mean any state or federally chartered bank, trust company,
    49  savings bank, savings and loan association or, credit union.
    50    § 3. This act shall take effect on the one hundred eightieth day after
    51  it shall have become a law.
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