Read the full stored bill text
ENROLLED
ACT No. 6542026 Regular Session
HOUSE BILL NO. 555
BY REPRESENTATIVES CARVER, BOYD, CHASSION, COX, DOMANGUE,
JORDAN, JACOB LANDRY, TERRY LANDRY, MCMAKIN, MENA, NEWELL,
RISER, AND ST. BLANC
1 AN ACT
2 To amend and reenact R.S. 6:1373(B)(2) and 1374(E)(2) and (F)(1) and to enact R.S.
3 6:1372(5)(c) and (d) and (7), 1373.1, and 1374(G), relative to protection of eligible
4 adults from financial exploitation; to provide for definitions; to provide for notice;
5 to provide for training; to provide for delays of financial transactions; and to provide
6 for related matters.
7 Be it enacted by the Legislature of Louisiana:
8 Section 1. R.S. 6:1373(B)(2) and 1374(E)(2) and (F)(1) are hereby amended and
9 reenacted and R.S. 6:1372(5)(c) and (d) and (7), 1373.1, and 1374(G) are hereby enacted to
10 read as follows:
11 §1372. Definitions
12 As used in this Chapter, the following terms and phrases have the meanings
13 hereinafter ascribed to them:
14 * * *
15 (5) "Financial exploitation" means any of the following:
16 * * *
17 (c) The use of a scam, a deceptive scheme, enticement, extortion, or
18 impersonation of a government official, causing the eligible adult to conduct a
19 financial transaction or to transfer money to a stranger or imposter for a promised
20 benefit or good that the eligible adult did not receive.
21 (d) The use of fraud, false pretense, or misrepresentation in conducting a
22 financial transaction for personal gain at the expense of the eligible adult.
23 * * *
Page 1 of 3
CODING: Words in struck through type are deletions from existing law; words underscored
are additions.
HB NO. 555 ENROLLED
1 (7) "Trusted contact" means a person who is eighteen years of age or older
2 whom an eligible adult has authorized a covered financial institution to contact if the
3 covered financial institution believes that financial exploitation of the eligible adult
4 is occurring, has or may have occurred, or is being attempted, or has been, or may
5 have been attempted.
6 §1373. Notices
7 * * *
8 B. A covered financial institution may notify any third party reasonably
9 associated with the eligible adult if the covered financial institution believes that the
10 financial exploitation of an eligible adult is occurring, has or may have occurred, or
11 is being attempted, or has been, or may have been attempted. A third party
12 reasonably associated with the eligible adult includes but is not limited to all of the
13 following:
14 * * *
15 (2) An authorized A trusted contact provided by the eligible adult to the
16 covered financial institution.
17 * * *
18 §1373.1. Training for covered financial institutions
19 Beginning January 1, 2027, a covered financial institution shall provide
20 training to the appropriate employees who interact with eligible adults regarding
21 financial transactions on recognizing and responding to the signs of exploitation of
22 an eligible adult.
23 * * *
24 §1374. Delaying financial transactions
25 * * *
26 E. Except as provided in Subsection F of this Section, any delay of a
27 financial transaction as authorized pursuant to this Section shall expire or be
28 terminated when the earliest of any of the following circumstances occur:
29 * * *
Page 2 of 3
CODING: Words in struck through type are deletions from existing law; words underscored
are additions.
HB NO. 555 ENROLLED
1 (2) Fifteen Forty-five business days pass from the date on which the covered
2 financial institution first initiated the delay of the financial transaction.
3 F.(1) A covered financial institution may extend the delay provided for in
4 Subsection E of this Section upon receiving a request to extend the delay from any
5 covered agency, in which case the delay shall expire or be terminated no later than
6 twenty-five sixty business days from the date on which the covered financial
7 institution first initiated the delay of the financial transaction.
8 * * *
9 G. Nothing in this Section is intended to limit or otherwise affect a covered
10 financial institution's contractual rights to delay a financial transaction.
SPEAKER OF THE HOUSE OF REPRESENTATIVES
PRESIDENT OF THE SENATE
GOVERNOR OF THE STATE OF LOUISIANA
APPROVED:
Page 3 of 3
CODING: Words in struck through type are deletions from existing law; words underscored
are additions.