Dodd introduces elder fraud protection bill in state Senate

By Daily Republic Staff

FAIRFIELD — Legislation that would clarify the duties of banks and financial institutions to safeguard elder and dependent adult financial abuse protections was introduced Wednesday in the state Senate.

“Banks must do a better job of preventing the most vulnerable Californians from getting ripped off,” Sen. Bill Dodd, author of Senate Bill 278, said in a statement. “This bill clarifies that if these institutions assist in financial elder abuse – either knowingly or otherwise – they can be held liable. It will motivate them to detect predatory practices before victims are robbed of their resources, dignity and quality of life – losses from which they may never recover.”

Dodd, D-Napa, noted elder abuse cases are on the rise, with victims coming from all socioeconomic levels. The Solano County District Attorney’s Office has established a special unit to handle such cases.

“Perpetrators can be family members, trusted professionals or large financial institutions,” the Dodd statement said. “Such institutions are uniquely positioned to detect financial abuse and take action. Unfortunately, the language of California’s current financial elder abuse law is unclear, leading to conflicting court rulings regarding the standard of proof for holding accountable a financial institution.”

The clarification in the proposed legislation would support victims of financial elder abuse in meeting their burden of proof.

“Older Californians are the fastest growing segment of our population and face a particularly high risk of financial fraud and abuse,” Caleb Logan, of Elder Law & Advocacy and bill co-sponsor California Low-Income Consumer Coalition, said in the Dodd statement. “Fortunately, banks can prevent seniors from losing their life savings to a scam. SB 278 will clarify existing law to revitalize important safeguards against financial abuse.”

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Dodd introduces elder fraud protection bill in state Senate