Rep. Marra Supports Seniors, Works to Protect Them from Financial Exploitation in SB1088
Making sure our seniors are safe from harm includes preventing heartless people from taking advantage of them financially. Sadly, many seniors get taken advantage of by people they’re supposed to be able to trust, including family members, investment salespeople and others.
Senate Bill 1088 – An Act Concerning Financial Exploitation of Senior Citizens – expands on the Connecticut Uniform Securities Act’s (CUSA) and authorizes certain disclosures or processes, including temporary account holds to prevent potential exploitation of elderly residents.
According to an analysis by the non-partisan Office of Legislative research: “Under this bill provision, “financial exploitation” is taking advantage of an eligible adult by another person or caretaker for a monetary, personal, or other benefit, gain, or profit. It includes the following:
- any wrongful or unauthorized taking, withholding, appropriation, or use of an eligible adult’s money, assets, or property;
- any act or omission to obtain control, through deception, intimidation, or undue influence, over an eligible adult’s money, assets, or property and deprive the eligible adult of the ownership, use, benefit, or possession of them, including through POA, guardianship, or conservatorship; and
- converting an eligible adult’s money, assets, or property to deprive the eligible adult of the ownership, use, benefit, or possession of them.
The bill passed BOTH the House and Senate unanimously and now heads to the governor’s desk.