Governor Gavin Newsom signed into law Senate Bill 496, Protections Against Financial Abuse of Elder and Dependent Adults, authored by state legislator representing Laguna Woods, Senator John M. W. Moorlach. This bill gives financial industry participants and state regulators new tools to help detect and prevent financial abuse of vulnerable adults.
“With growing Alzheimer’s and dementia concerns, it is critical that we provide safeguards to prevent financial abuse for those in the beginning stages of a difficult life journey,” Sen. Moorlach said. “I am grateful for the bipartisan support that helped turn this crucial bill into law.”
“Financial experts have expressed their excitement and are eager to help make changes essential to protecting our most vulnerable from financial exploitation. I’m happy to have collaborated with financial professionals who appreciate their fiduciary roles in protecting California’s aging population.”
SB 496 expands the category of mandated reporters and authorizes the notification of trusted contact persons of the known or suspected financial abuse. It grants the temporary delay of requested disbursements and transactions if abuse is suspected. The bill requires the sharing of records related to exploitation with law enforcement, state adult protective services agencies, and the Department of Business Oversight.
This article was released by the Office of Senator John Moorlach.