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22LSO-0336
2022
STATE OF WYOMING
22LSO-0336
ENGROSSED
3.0
SENATE FILE NO. SF0076
Financial exploitation of vulnerable adults.
Sponsored by: Senator(s) Case, Dockstader and Perkins
A BILL
for
AN ACT relating to banks, banking and finance; requiring financial institutions to report financial exploitation of vulnerable adults as specified; authorizing discretionary reporting of suspected financial exploitation to third parties; allowing temporary holds on transactions; providing immunity; requiring disclosure of financial records; providing definitions; requiring rulemaking; and providing for effective dates.
Be It Enacted by the Legislature of the State of Wyoming:
Section 1
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W.S. 13
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401 through 13
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406 are created to read:
ARTICLE 4
PROTECTION OF VULNERABLE ADULTS
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401.
Definitions.
(a)
As used in this article:
(i)
"Department" means the department of family services;
(ii)
"Exploitation" means the act of forcing, compelling or exerting undue influence over a person causing the person to act in a way that is inconsistent with the person's relevant past behavior or causing the person to perform services for the benefit of another person;
(iii)
"Financial exploitation" means:
(A)
The wrongful or unauthorized taking, withholding, appropriation or use of the money, assets or other property or the identifying information of a person; or
(B)
An act or omission by a person, including through the use of a power of attorney on behalf of, or as the conservator or guardian of, another person, to:
(I)
Obtain control, through deception, intimidation, fraud or undue influence, over the other person's money, assets or other property to deprive the other person of the ownership, use, benefit or possession of the property; or
(II)
Convert the money, assets or other property of the other person to deprive the other person of the ownership, use, benefit or possession of the property.
(iv)
"Financial institution" means as defined by W.S. 13
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401(a)(ii) but for the purposes of this article shall also include broker
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dealers;
(v)
"Vulnerable adult" means as defined by W.S. 35
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102(a)(xviii).
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402.
Reporting financial exploitation of vulnerable adults.
(a)
If an employee of a financial institution has cause to believe that financial exploitation of a vulnerable adult has occurred, is occurring or has been attempted, the employee shall notify the financial institution of the suspected financial exploitation.
(b)
If a financial institution is notified of suspected financial exploitation under subsection (a) of this section or otherwise has cause to believe that financial exploitation of a vulnerable adult has occurred, is occurring or has been attempted, the financial institution shall assess the suspected financial exploitation and submit a report to the department in the same manner as and containing the same information required to be included in a report under W.S. 35
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103.
The financial institution shall submit the report required by this subsection not later than the earlier of:
(i)
The date the financial institution completes the financial institution's assessment of the suspected financial exploitation; or
(ii)
Five (5) business days after the date the financial institution is notified of the suspected financial exploitation under subsection (a) or otherwise has cause to believe that the suspected financial exploitation has occurred, is occurring or has been attempted.
(c)
A financial institution that submits a report to the department of suspected financial exploitation of a vulnerable adult under subsection (b) of this section is not required to make an additional report of suspected abuse, neglect or exploitation under W.S. 35
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103 for the same conduct constituting the reported suspected financial exploitation.
(d)
Each financial institution shall adopt internal policies, programs, plans or procedures for:
(i)
The employees of the financial institution to make the notification required under subsection (a) of this section; and
(ii)
The financial institution to conduct the assessment and submit the report required under subsection (b) of this section.
(e)
The policies, programs, plans or procedures adopted under subsection (d) of this section may authorize the financial institution to report the suspected financial exploitation to other appropriate agencies and entities in addition to the department, including the Wyoming attorney general, the federal trade commission and any appropriate law enforcement agency.
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403.
Notifying third parties of suspected financial exploitation of vulnerable adults.
If a financial institution submits a report of suspected financial exploitation of a vulnerable adult to the department under this article, the financial institution may at the time the financial institution submits the
report also notify a third party reasonably associated with the vulnerable adult of the suspected financial exploitation, unless the financial institution suspects the third party of financial exploitation of the vulnerable adult.
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404.
Temporary hold on transactions.
(a)
Notwithstanding any other law, a financial institution:
(i)
May place a hold on any transaction that involves an account of a vulnerable adult or that contains the vulnerable adult's assets or property if the financial institution:
(A)
Submits a report of suspected financial exploitation of the vulnerable adult to the department under this article; and
(B)
Has cause to believe the transaction is related to the suspected financial exploitation alleged in the report.
(ii)
Shall place a hold on any transaction involving an account of a vulnerable adult if the hold is requested by the department or a law enforcement agency.
(b)
Subject to subsection (c) of this section, a hold placed on any transaction under subsection (a) of this section expires ten (10) business days after the date the hold is placed.
(c)
The financial institution may extend a hold placed on any transaction under subsection (a) of this section for a period not to exceed thirty (30) business days after the expiration of the period prescribed by subsection (b) of this section if requested by a state or federal agency or a law enforcement agency investigating the suspected financial exploitation. The financial institution may also petition a court to extend a hold placed on any transaction under subsection (a) of this section beyond the period prescribed by subsection (b) of this section. A court may enter an order extending or shortening a hold or providing other relief.
(d)
Each financial institution shall adopt internal policies, programs, plans or procedures for placing a hold on a transaction involving an account of a vulnerable adult under this section.
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405.
Immunity.
(a)
An employee of a financial institution who provides notification under W.S. 13
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402(a), a financial institution that submits a report under W.S. 13
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402(b) or provides notification to a third party under W.S. 13
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403 or an employee or financial institution that testifies or otherwise participates in a judicial proceeding arising from a notification or report under this article is immune from any civil or criminal liability arising from the notification, report, testimony or participation in the judicial proceeding, unless the employee or financial institution acted in bad faith or with a malicious purpose.
(b)
A financial institution that in good faith and with the exercise of reasonable care places or does not place a hold on any transaction under W.S. 13
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404(a)(i)
is immune from any civil or criminal liability or disciplinary action resulting from that action or failure to act.
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406.
Records.
To the extent permitted by state or federal law, a financial institution shall provide, on request, access to or copies of records relevant to the suspected financial exploitation of a vulnerable adult to the department, a law enforcement agency or a prosecuting attorney's office, either as part of a report to the department, law enforcement agency or prosecuting attorney's office or at the request of the department, law enforcement agency or prosecuting attorney's office in accordance with an investigation.
Access to records of transactions provided under this section shall be limited to sixty (60) days prior to the first transaction suspected of involving financial exploitation to sixty (60) days after the last transaction suspected of involving financial exploitation.
Section 2
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The department of family services shall promulgate any rules necessary to implement this act not later than July 1, 2022.
Section 3
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(a)
Except as provided in subsection (b) of this section,
this act is effective July 1, 2022
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(b)
Sections 2 and 3 of this act are effective immediately upon completion of all acts necessary for a bill to become law as provided by Article 4, Section 8 of the Wyoming Constitution.
(END)
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SF0076