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Wisconsin Legislature: SB970: Bill Text
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SB970: Bill Text
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2025 - 2026 LEGISLATURE
LRB-6206/1
ARG:cjs
2025 SENATE BILL 970
February 6, 2026 - Introduced by Senators
Quinn
and
Wall
, cosponsored by Representatives
Snyder
,
Doyle
,
Novak
,
Gundrum
,
McCarville
,
Taylor
,
Armstrong
,
Behnke
,
Billings
,
DeSmidt
,
Dittrich
,
Fitzgerald
,
B. Jacobson
,
Joers
,
Knodl
,
Kreibich
,
Maxey
,
Mursau
,
Neubauer
,
O'Connor
,
Ortiz-Velez
,
Penterman
,
Piwowarczyk
,
Rivera-Wagner
,
Roe
,
Sinicki
,
Snodgrass
and
Subeck
. Referred to Committee on Financial Institutions and Sporting Heritage.
SB970,1,3
1
An Act
to amend
224.45 (1) (c);
to create
224.45 (1) (af) and (am), 224.45 (1)
2
(dc) and (dm) and 224.45 (3) and (4) of the statutes;
relating to:
financial
3
exploitation of vulnerable adults.
Analysis by the Legislative Reference Bureau
This bill allows financial service providers to refuse or delay financial transactions when financial exploitation of a vulnerable adult is suspected. The bill authorizes financial service providers to take certain other actions to prevent or detect financial exploitation of vulnerable adults.
Under current law, upon receiving a report of alleged abuse, financial exploitation, neglect, or self-neglect of any person age 60 or older who has experienced, is experiencing, or is at risk of experiencing abuse, neglect, self-neglect, or financial exploitation (an elder adult at risk), the elder-adult-at-risk agency in a county must respond by investigating or must refer the report to another agency for investigation. Similarly, if it has reason to believe that an adult who has a physical or mental condition that substantially impairs his or her ability to care for his or her needs and who has experienced, is experiencing, or is at risk of experiencing abuse, neglect, self-neglect, or financial exploitation (an adult at risk) is the subject of abuse, financial exploitation, neglect, or self-neglect, the adult-at-risk agency in a county may respond by investigating to determine whether the adult at risk is in need of protective services. “Financial exploitation” includes obtaining an individual’s money or property by deceiving or enticing the individual or by coercing the individual to give, sell at less than fair value, or convey money or property against his or her will without his or her informed consent, and also includes certain crimes such as theft and forgery.
Current law defines a “vulnerable adult” as an adult who is at least 65 years of age or who has a physical or mental condition that substantially impairs his or her ability to care for his or her needs and who has experienced, is experiencing, or is at risk of experiencing abuse, neglect, self-neglect, or financial exploitation. A “financial service provider” is defined to include financial institutions chartered under the law of this state and other state-licensed financial service providers such as mortgage bankers and brokers, money transmitters, and various types of lenders. Current law provides a process for a financial service provider to create a list of persons that a vulnerable adult authorizes to be contacted if the financial service provider reasonably suspects that the vulnerable adult is a victim of financial exploitation. A financial service provider may convey its suspicions of financial exploitation to the persons on this list and certain other persons. A financial service provider acting in good faith is immune from liability for contacting a person or not contacting a person to convey a suspicion of financial exploitation and for any action taken in furtherance of its reasonable suspicion of financial exploitation.
Under this bill, if a financial service provider reasonably suspects that financial exploitation of a vulnerable adult has occurred or been attempted, the financial service provider may, but is not required to, refuse or delay a financial transaction on an account of the vulnerable adult or on which the vulnerable adult is a beneficiary or on an account of a person suspected of perpetrating financial exploitation. In addition, a financial service provider may, but is not required to, refuse or delay a financial transaction if an elder-adult-at-risk agency, adult-at-risk agency, or law enforcement agency provides information to the financial service provider that financial exploitation of a vulnerable adult may have occurred or been attempted. The bill requires certain notice if a financial service provider refuses or delays a financial transaction under these circumstances and establishes certain time limits applicable to the refusal or delay of the financial transaction. In addition, the bill allows a financial service provider to refuse to accept a power of attorney of a vulnerable adult if the financial service provider reasonably suspects that the vulnerable adult may be the victim of financial exploitation. A financial service provider is immune from liability for 1) refusing or not refusing, or delaying or not delaying, a financial transaction, 2) refusing to accept or accepting a power of attorney, and 3) any action based on a reasonable determination related to item 1 or 2.
The bill also modifies the definition of “financial institution” so that a financial services provider includes a financial institution chartered under the laws of this state or another state or under federal law.
The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:
SB970,1
1
Section
1
.
224.45 (1) (af) and (am) of the statutes are created to read:
SB970,2,2
2
224.45
(1)
(af) “Adult-at-risk agency” has the meaning given in s. 55.01 (1f).
SB970,2,3
3
(am) “Elder-adult-at-risk agency” has the meaning given in s. 46.90 (1) (bt).
SB970,2
4
Section
2
.
224.45 (1) (c) of the statutes is amended to read:
SB970,2,7
5
224.45
(1)
(c) “Financial institution”
means a bank, savings bank, savings and
6
loan association, trust company, or credit union chartered under the laws of this
7
state
has the meaning given in s. 214.01 (1) (jn)
.
SB970,3
8
Section
3
.
224.45 (1) (dc) and (dm) of the statutes are created to read:
SB970,2,10
9
224.45
(1)
(dc) “Financial transaction” means any of the following as
10
applicable to the business of, or services provided by, a financial service provider:
SB970,2,12
11
1. A transfer or disbursement of, or request to transfer or disburse, funds or
12
assets in an account.
SB970,2,14
13
2. A request to initiate a wire transfer, initiate an automated clearinghouse
14
transfer, or issue a money order, cashier’s check, or teller’s check.
SB970,2,15
15
3. A request to negotiate a check or other negotiable instrument.
SB970,2,16
16
4. A request to change the ownership of an account.
SB970,2,17
17
5. A request for a loan or other extension of credit or to draw on a line of credit.
SB970,2,19
18
6. A request to modify a loan or other extension of credit or add an authorized
19
signer on a line of credit.
SB970,2,20
20
7. A request to issue a debit card or initiate a debit card transaction.
SB970,3,2
21
8. A request to transfer the title to any real property, manufactured home, or
1
motor vehicle, or to encumber any real property, manufactured home, or motor
2
vehicle.
SB970,3,3
3
(dm) “Law enforcement agency” has the meaning given in s. 165.77 (1) (b).
SB970,4
4
Section
4
.
224.45 (3) and (4) of the statutes are created to read:
SB970,3,10
5
224.45
(3)
Financial service providers may refuse or delay
6
transactions.
(a) Notwithstanding any provision of ch. 403, 404, or 410, if a
7
financial service provider has reasonable cause to suspect that financial
8
exploitation of a vulnerable adult may have occurred, may have been attempted, or
9
is being attempted, the financial service provider may, but is not required to, refuse
10
or delay any of the following:
SB970,3,11
11
1. A financial transaction on an account of the vulnerable adult.
SB970,3,13
12
2. A financial transaction on an account on which the vulnerable adult is a
13
beneficiary, including a trust, guardianship, or conservatorship account.
SB970,3,15
14
3. A financial transaction on an account of a person suspected of perpetrating
15
financial exploitation.
SB970,3,21
16
(b) 1. Notwithstanding any provision of ch. 403, 404, or 410, a financial
17
service provider may also refuse or delay a financial transaction under this
18
subsection if an elder-adult-at-risk agency, adult-at-risk agency, or law enforcement
19
agency provides information to the financial service provider demonstrating that it
20
is reasonable to suspect that financial exploitation of a vulnerable adult may have
21
occurred, may have been attempted, or is being attempted.
SB970,4,4
22
2. Except as ordered by a court, a financial service provider is not required to
23
refuse or delay a financial transaction when provided with information by an elder-
24
adult-at-risk agency, adult-at-risk agency, or law enforcement agency alleging that
1
financial exploitation of a vulnerable adult may have occurred, may have been
2
attempted, or is being attempted, but may use its discretion to determine whether
3
to refuse or delay a financial transaction based on the information available to the
4
financial service provider.
SB970,4,8
5
(c) A financial service provider that refuses or delays a financial transaction
6
based on reasonable cause to suspect that financial exploitation of a vulnerable
7
adult may have occurred, may have been attempted, or is being attempted shall do
8
all of the following:
SB970,4,11
9
1. Except with regard to an account administered by a financial institution in
10
a fiduciary capacity, make a reasonable effort to notify, orally or in writing, one or
11
more parties authorized to transact business on the account.
SB970,4,13
12
2. If the incident involves financial exploitation of a vulnerable adult, report
13
the incident to the applicable elder-adult-at-risk agency or adult-at-risk agency.
SB970,4,16
14
(d) No notice under this subsection is required to be provided to any party
15
authorized to conduct business on the account if the party is the suspected
16
perpetrator of financial exploitation.
SB970,4,22
17
(e) Except as provided in par. (f), any refusal by a financial service provider to
18
conduct a financial transaction and any delay by a financial service provider of a
19
financial transaction as authorized by this subsection based on the financial service
20
provider’s reasonable cause to suspect that financial exploitation of a vulnerable
21
adult may have occurred, may have been attempted, or is being attempted expires
22
upon the earliest of any of the following:
SB970,5,2
1
1. The time when the financial service provider reasonably believes that the
2
financial transaction will not result in financial exploitation of a vulnerable adult.
SB970,5,6
3
2. The time when the customer requesting the transaction has been advised of
4
a potential risk in the transaction and the customer has requested the transaction
5
to continue as long as the customer is not the suspected perpetrator of financial
6
exploitation.
SB970,5,13
7
3. Five business days after the date on which the financial service provider
8
first refused or delayed the financial transaction, unless the division or an agency to
9
which the incident was reported under par. (c) 2. requests that the financial service
10
provider extends the refusal or delay, in which case the refusal or delay shall expire
11
no more than 15 business days after the date on which the financial service
12
provider first refused or delayed the financial transaction unless it is otherwise
13
terminated or extended by the division or court order.
SB970,5,17
14
(f) A court may enter an order extending the time that a financial service
15
provider shall refuse or delay a financial transaction based on reasonable cause to
16
suspect that financial exploitation of a vulnerable adult may have occurred, may
17
have been attempted, or is being attempted.
SB970,5,20
18
(g) Notwithstanding any provision of ch. 403, 404, or 410, a financial service
19
provider, or an employee of a financial service provider, acting in good faith is
20
immune from all criminal, civil, and administrative liability for any of the following:
SB970,5,22
21
1. Refusing or not refusing, or delaying or not delaying, a financial transaction
22
under this subsection.
SB970,6,2
1
2. Actions taken in furtherance of the determination made under subd. 1. if
2
the determination was based on a reasonable suspicion.
SB970,6,8
3
(4)
Financial service providers may refuse power of attorney.
(a)
4
Notwithstanding s. 244.20, a financial service provider may refuse to accept an
5
acknowledged power of attorney if the principal is a vulnerable adult and the
6
financial service provider has reasonable cause to suspect that the principal is or
7
may be the victim or target of financial exploitation by the agent or person acting
8
for or with the agent.
SB970,6,13
9
(b) A financial service provider, or an employee of a financial service provider,
10
acting in good faith is immune from all criminal, civil, and administrative liability
11
for refusing to accept a power of attorney or for accepting a power of attorney under
12
this subsection and for actions taken in furtherance of that determination if the
13
determination was based on reasonable suspicion.
SB970,6,14
14
(end)
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