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#583158 - 07/13/06 08:58 PM Elder Financial Abuse
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In states outside of California, What needs to be done about the Financial Elder Abuse Reporting ACT? There seems to training stating plans, policies & procedures need to be developed. Will this need to comprehensive or can it be brief?

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General Discussion
#583159 - 07/14/06 07:03 PM Re: Elder Financial Abuse
Bartman Offline
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As I understand it, these laws are still state-specific. The major difference seems to be between the California version and the Oregon version. California requires reporting of suspected abuse & penalizes the failure to report; while Oregon makes reporting voluntary & provides safe haven for banks reporting in error. (This is admittedly oversimplification...)

We're studying this closely in Michigan, as some yahoo has introduced the California model to the legislature. Bankers in the state much prefer the protections in Oregon's model.

Has your state passed legislation on this yet?
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#583160 - 07/14/06 07:51 PM Re: Elder Financial Abuse
Elwood P. Dowd Offline
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As Bartman indicates, this is state specific. In Kentucky there is a general requirement that financial abuse of the elderly be reported. However, there is no specific mention of banks. In Florida, there is a specific requirement to report that mentions banks, but I'm not aware of any penalty provisions for failure to report.

Clearly, it's a significant issue. It's an effort that banks are generally willing to support, but it's the "Oregon" mechanism Bart describes that makes the most sense.
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#583161 - 07/17/06 05:42 PM Re: Elder Financial Abuse
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Our state has not passed legislation on this yet. What do we do if we have an elderly customer who has an account at our bank and resides in CA and has reported to us they have been scammed? Do we report to the Adult Protective Services (APS)? Our bank is not close to CA.

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#583162 - 07/17/06 05:50 PM Re: Elder Financial Abuse
Bartman Offline
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Springfield
BOL included this link in this morning's email briefing. It indicates that you need a policy if you have customers in California - whether you have a physical presence there or not. I'm hearing the same thing from a colleague at a Michigan bank that has CA offices.
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#583163 - 07/18/06 11:46 AM Re: Elder Financial Abuse
Elwood P. Dowd Offline
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Please consider that the link is to a paid advertisement and is not supported by any citation to authority.

The law governs California financial institutions, not Californians. Clearly, a bank with a California presence must comply with California law. Banks without a California presence are not governed by California law. The simple issue of jurisdiction would outweigh any contrary language in a statute. However, I don't believe there is any contrary language in this statute.

In ancient Rome a Roman citizen carried the protections of Roman citizenship with him in his travels across the known world. The same analysis does not apply to Californians today.

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