Rep. Delnicki Hails Governor Lamont Signing Bill to Protecting Seniors From Financial Abuse

CHESHIRE- At Elim Park Senior Living Community in Cheshire, State Rep. Tom Delnicki (R-14) joined Governor Ned Lamont along with leadership of the legislature’s Banking and Aging Committees attended a ceremonial bill signing to help prevent the financial exploitation of our seniors.

The legislation, PA 23-161 provides more protections for seniors by authorizing disclosures and temporary account holds by broker-dealers, investment advisors, financial institutions, and probate courts to prevent the financial exploitation of state residents aged 60 or older.

Rep. Delnicki, one of the bill’s first co-sponsors said, “These scammers prey upon vulnerable senior citizens who may not be as up-to-date on the latest technology or other known scams and in most instances, time is of the essence and banks need to react quickly in contacting authorities or trusted persons. This bill attempts to address the issues of timing by allowing banks to put a hold on suspect transactions while they try to resolve these situations.”

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.