HARRISBURG – Legislation to increase protections for seniors from financial exploitation has passed the PA House by a strong bipartisan vote. House Bill 2064 authorizes the mandatory reporting and disclosure of essential records to state investigators. Additionally, financial institutions and fiduciaries would be able to temporarily delay transactions linked to suspected financial exploitation and engage in judicial proceedings to protect older adults. The bill would also authorize the sharing of information and records between financial institutions, fiduciaries, and area agencies on aging. Like other voluntary reporters to protective services, financial institutions and fiduciaries would be immune from civil or criminal liability when exercising their discretion to report, share records, provide information to area agencies on aging, and temporarily delay financial transactions. The bill now heads to the PA Senate for concurrence.
