Section 271.100  Purpose

The purpose of this Part is to implement Public Act 96-1103 by providing for the training of the employees and officers of financial institutions who have direct customer contact in the proper recognition and reporting of suspected financial exploitation of older persons.

a)         The Department on Aging is responsible for developing minimum standards for financial exploitation training by financial institutions.

b)         The Department of Financial and Professional Regulation is responsible for ensuring compliance with the minimum standards for financial exploitation training by financial institutions subject to its jurisdiction, including gathering statistics, providing reports and retaining visitation and enforcement authority in relation to the regulation of these institutions.

c)         Both agencies will work together to develop and implement these joint rules.