Rep. Delnicki Earns AARP Award

HARTFORD – State Representative Tom Delnicki (R-14) earned the 2023 AARP Legislative Achievement Award in recognition of her leadership on ensuring that all residents, especially older residents are protected against financial exploitation.

“I want to thank AARP for this legislative recognition said Rep. Delnicki. “These criminal scammers knowingly target some of our most vulnerable senior citizens who may not be as familiar with the latest technology. We must and will do everything possible to protect them.”

According to AARP, Rep. Delnicki, as the Ranking Member of the Banking Committee was a key sponsor to legislation, PA 23-161 which provides a new, proactive set of protections for Seniors by establishing new guidelines that will engage and empower their banking and financial-services providers to disclose to them or their named “trusted agent”, such as a chosen, verified family member or estate manager to whom suspicious, out-of-the-ordinary financial activity will be disclosed.  This way, within the construct of the law, their authorized broker-dealer, investment advisor, financial institution, and probate court administrator may flag unusual activity and execute a temporary account-hold to prevent the financial exploitation of state residents aged 60 or older.  The new law will be initiated on an “opt-in” basis.

According to the Department of Banking, the number of suspicious activity reports filed by banks concerning elder financial exploitation between 2013 and 2017, quadrupled. Also, more than 1 in 10 elderly people in the US fell victim to elder fraud in the last year.

In Connecticut, over five-hundred thousand (500,000) residents are 65 and older. Banks on a nationwide basis are reporting a steadily increasing level of financial exploitation of their elderly customers, that without this bill, they can do little to stop.