Synopsis As Introduced Amends the Elder Abuse and Neglect Act. Provides that a "mandated reporter" under the Act includes (i) any bank, savings and loan, or credit union officer, trustee, or employee and (ii) any ambulatory currency exchange or community currency exchange, as defined in the Currency Exchange Act, or an employee of such a currency exchange.
Replaces everything after the enacting clause. Amends the Elder Abuse and Neglect Act. Provides that in addition to other activities, the Department on Aging shall be responsible for providing financial institutions with training materials and information concerning financial exploitation of the elderly and related financial fraud or abuse to be used by a financial institution for its personnel with direct customer contact and to be made available to the general public. Further provides that such information shall include signage or other written materials and shall contain relevant toll-free telephone numbers for reporting such fraud or abuse; that the Department shall also develop and make available an online training program for use by financial institution employees with direct customer contact; and that such online training shall be utilized by financial institutions unless such financial institutions utilize training programs which must minimally include the elements contained in the Department on Aging Program.
Fiscal Note (Dept. on Aging)
The FY 2011 estimated cost of adding this program enhancement is approximately $30,000, based on the following projections: (1) Development of one hour online training program = $20,000; (2) Printing and distribution of brochures and posters = $10,000.
House Floor Amendment No. 1 Replaces everything after the enacting clause. Reinserts similar provisions, but with the following changes: restores language providing that the Department on Aging shall be responsible for the solicitation of financial institutions for the purpose of making information available to the general public warning of financial exploitation of the elderly and related financial fraud or abuse. Provides that the Department shall be responsible for developing by joint rulemaking with the Department of Financial and Professional Regulation minimum training standards which shall be used by financial institutions for their current and new employees with direct customer contact. Requires the Department of Financial and Professional Regulation to provide bi-annual reports to the Department on Aging setting forth aggregate statistics on the required training programs. Effective immediately.