PROVIDENCE – The R.I. Senate has passed legislation aimed at preventing financial exploitation of seniors, according to a news release.
The bill, approved by a 34-0 vote on May 11, requires financial institutions to report suspected exploitation of seniors to the R.I. Office of Healthy Aging, letting them place a temporary hold on any transaction that may be fraudulent. The bill also calls for financial institutions to train their workers on how to recognize and detect signs of elderly financial exploitation.
The bill was sponsored by Sen. Cynthia Coyne, D-Barrington, based on recommendations from the Special Task Force to Study Elderly Abuse and Financial Exploitation. Companion House legislation sponsored by Rep. Joseph J. Solomon Jr. has been held in committee since March.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.