New law aims to protect Ga. seniors from financial exploitation

By Harry Samler

ATLANTA, Ga. - A new law now on Georgia Gov. Brian Kemp’s desk would give banks and credit unions a tool to temporarily delay certain transactions when there is reasonable cause to suspect financial exploitation.

House Bill 945 applies to an “eligible adult,” defined in the bill as someone 65 or older or a disabled adult. Under the bill, a financial institution may place a hold on the execution of a financial transaction if it has reasonable cause to suspect the transaction may involve, facilitate, result in, or contribute to financial exploitation.

The bill allows holds on transactions involving:

• An account of an eligible adult.
• An account on which an eligible adult is a beneficiary.
• An account of a person suspected of perpetrating the exploitation.

If a hold is placed, the financial institution must notify in writing all parties authorized to transact business on the account and any “trusted contact” on the account within three business days, unless the institution reasonably believes those people may be involved in the suspected exploitation.

The institution must also initiate a review of the facts and circumstances that led to the hold.

A hold expires on the 15th business day after it is placed, but the financial institution may extend the hold for up to an additional 15 business days if its review continues to support a reasonable belief of financial exploitation.

The bill says the length of a hold may be shortened or extended by a court. It would allow an eligible adult to designate at least one trusted contact on an account. A financial institution could contact that person to address possible financial exploitation or other concerns related to account administration.

To add a trusted contact, account holders should speak directly with their bank or credit union.

HB 945 includes immunity provisions for financial institutions and their employees who act in good faith and exercise reasonable care under the bill.

The bill’s current version does not include a specific effective date clause. That typically means it would take effect upon the governor’s signature, unless another date is set in the final enrolled act.

Resources for seniors and families

To report suspected elder financial abuse to your bank or credit union, ask to speak with a fraud or compliance officer.

You should also file a police report with your local department if you believe you or a loved one is the victim of financial exploitation or fraud. Keep a copy of the report number; you may need it when contacting your bank, an attorney or a state agency.

You can also report it to these agencies:

• FBI Elder Fraud Hotline: Call 1-800-CALL-FBI (1-800-225-5324) or submit a tip at tips.fbi.gov.
• Federal Trade Commission: Report fraud at reportfraud.ftc.gov.
• Georgia Division of Aging Services/Adult Protective Services: Call 1-866-552-4464 to report suspected exploitation of a vulnerable adult in Georgia.

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New law aims to protect Ga. seniors from financial exploitation 

Bill would protect seniors from financial exploitation

by Star Bradbury

Scene from "I Care a Lot"

Florida is finally in the news for a great reason! We are about to become the first state in the entire country to pass groundbreaking legislation that criminalizes attempting to change an elderly or disabled person’s will or trust with the intent to exploit or defraud the victim of assets.

What makes these bills so unique? If found guilty of abuse, neglect or exploitation, these bills prevent exploiters from receiving any monies or benefits at all, including forfeiting inheritances. This will apply broadly to real estate, life insurance, retirement benefits, joint accounts or other assets owned by the victim. 

In 2021, financial scams and exploitation of the elderly totaled $2.9 billion, according to the Consumer Financial Protection Bureau. Just last year, 22% of Americans were victims, according to a recent New York Times/Harris poll, with the average amount of money scammed by a non-family member estimated to be $17,000 and, for a family member, $50,500. 

Recently an article appeared in The Sun about a former University of Florida assistant professor “suspected of stripping about $2.2 million from his mother’s account to make home improvements, take vacations and buy jewelry and cars.”

He was arrested, charged with grand theft and exploitation, and is in jail. He is accused of abusing the trust his mother placed in him and stealing from her and his siblings — very sad indeed. To be clear, he can be charged under current existing laws governing exploitation. If it was also proven he used undue influence to appoint him sole trustee with intent to exploit, he would deservedly face even more criminal charges.

If this legislation passes, it will also be a crime to intentionally isolate or restrict access to an elderly or disabled victim from family members for any length of time with the intention of unduly influencing the victim.

Pending passage of this bill, family members will not have to file for guardianship if they suspect a family member is being conned by a neighbor or caregiver, for example. This bill allows someone with durable power of attorney to file “exploitation injunctions” to freeze assets in order to protect their family member until the facts can be investigated, and extends the time of a temporary injunction up to 45 days.

If you’ve watched the recent horrifying movie “I Care A Lot” (on Netflix, starring Rosamund Pike), you were likely shocked, as I was, that an unscrupulous attorney and doctor colluded to identify “a cherry,” an elderly woman with no family (or so they thought) and lots of money. The doctor got paid off, the assisted facility got bribed and the ruthless attorney got very rich.

This may be more fiction than fact in north central Florida, but maybe not in big urban areas. The good news is that if the bill passes, it will be a crime to receive a “kickback” or other inducements for referring a victim to an establishment or adviser with the intent of exploitation.

This bill has teeth, thanks to the hard work of Attorney General Ashley Moody and bill co-sponsors Sen. Danny Burgess and Rep. Colleen Burton. They worked very closely with the Elder Law Section of the Florida Bar to craft this legislation. 

According to Moody’s press release, “Scammers often target older Floridians thinking their crimes will go unnoticed or unreported … As attorney general, I am dedicated to protecting our great seniors and ensuring criminals who target them are brought to justice … We must strengthen our laws to ensure none of these criminals evade responsibility for their devious actions.”

Shannon Miller, a member of the Elder Law Section of the Florida Bar told me, “We have long been seeking this kind of legislation that provides legal authority to law enforcement, prosecutors and elder law attorneys to intervene prior to irreversible physical harm or financial loss to our vulnerable seniors. This bill, if passed, gives families hope of stopping exploitation before it ruins the lives of so many seniors. We need everyone’s support on this.” 

With well over 5 million seniors living in Florida, this bill needs everyone’s support, regardless of your politics.  Please, wherever you live in Florida, pick up your phones and call or email your state representatives and ask for their support on House Bill 1041 and Senate Bill 1344!  

In Alachua County, contact:

Sen. Keith Perry: 352-264-4040

Rep. Yvonne Hayes Hinson (District 20): 352-264-4001

Rep. Chuck Clemons (District 21): 352-313-6542

Rep. Robert Charles Brannan (District 10): 386-758-0405

Star Bradbury (starbradbury. com) is a certified aging life care specialist with Senior Living Strategies in Gainesville.

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Bill would protect seniors from financial exploitation