Existing law, the Elder Abuse and Dependent Adult Civil Protection Act, establishes procedures for the reporting, investigation, and prosecution of elder and dependent adult abuse. Existing law requires a mandated reporter of suspected financial abuse of an elder or dependent adult, as defined, to report financial abuse in a specified manner, including by telephone or through a confidential internet reporting tool, as specified, immediately, or as soon as practicably possible. If reported by telephone, existing law requires a written report to be sent, or an internet report to be made through the internet reporting tool, to the local adult protective services agency or the local law enforcement agency within 2 working days. Existing law deems specified persons to be mandated reporters of suspected financial abuse of an elder or dependent adult, including, among others, all officers and employees of a financial institution. A mandated reporter who fails to report financial abuse of an elder or dependent adult is liable for civil penalties, as specified.

If a report of financial abuse is made by a mandated reporter, as described above, this bill would also require a report to be made to the Federal Bureau of Investigation Internet Crime Complaint Center within 2 working days. The bill would require a financial institution to provide annual training to its mandated reporters on how to escalate internally and report suspected financial abuse of an elder or a dependent adult to both local and federal authorities, as specified. If suspected financial abuse of an elder or dependent adult is discovered within 48 hours of a transaction, the bill would require a financial institution to share information on reporting mechanisms, as specified, with the impacted elder or dependent adult within 24 to 48 hours. The bill would specify that violations of these provisions would not incur the above-described liability for civil penalties.