Louisiana HB 503 (Act 434) Protection of Vulnerable Adults

Authorizes financial institutions to delay transactions and report suspected exploitation of vulnerable adults, with added protections for customer notification and information sharing.

Status: Passed State: Louisiana Tags: Transaction Controls, Vulnerable Populations

About the Legislation:

HB 503 (Act 434) by Rep. Thomas Carmody (and 33 co-authors) is legislation that was jointly sponsored by LBA and the Office of Financial Institutions during the 2018 State Regular Legislative Session that gives financial institutions additional tools and protections in order to help protect their customers from financial exploitation. This Act will allow, but not require, banks and thrifts to delay a financial transaction when exploitation of a vulnerable adult is suspected, and provide more clear authority to banks and thrifts to report suspected exploitation to law enforcement and other third parties, including family members of the vulnerable adult. This Act is the result of over two years of negotiation with OFI. During the 2016 Regular Session, a similar bill did not make it through the process when LBA and OFI could not agree on important details of the bill. This year’s legislation was endorsed as part of Governor John Bel Edwards’s legislative package. Details of the Act are provided below.

Read the Legislation

State Association Contact

David Boneno, General Counsel

Joe Gendron, Director of Government Relations

Any updates or new legislation should be sent to fraud@aba.com.

Louisiana HB 503 (Act 434) Protection of Vulnerable Adults

About the Legislation:

State Association Contact

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