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House Co-Sponsorship Memoranda
House of Representatives
Session of 2013 - 2014
Regular Session
MEMORANDUM
| Posted: | February 7, 2014 12:20 PM |
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| From: | Representative Jesse White |
| To: | All House members |
| Subject: | Elder Fraud and Abuse Legislation |
| In the near future, I will introduce legislation amending Older Adults Protective Services Act, in order to address some of the issues raised during the course of a series of hearings held by the House Aging and Older Adult Services Committee. As you may know, the House Aging and Older Adult Services held a series of informational hearings focusing on elder abuse in November and December of 2013. A major focus of those hearings was on financial crimes, including fraud, theft, and other deceitful practices. According to the National Adult Protective Services Association, 1 in 9 seniors reported being abused, neglected, or exploited in the past 12 months. In addition, 1 in 20 older adults indicated some form of perceived financial mistreatment had occurred in the recent past. Financial exploitation of senior citizens occurs at increasing rates annually; however, only 1 in 44 cases of financial abuse is ever reported. As such, I feel that it is our duty as legislator to enact laws that protect some our senior citizens from financial exploitation and abuse. My legislation creates a new chapter within the Older Adults Protective Services Act, which focuses on reporting financial crimes against an older adult and a right to private action. Specifically, the bill grants civil and criminal immunity to financial advisors who report possible financial exploitation, fiduciary abuse, or fraud of a senior citizen. In addition, my legislation authorizes an older adult who is a victim of financial exploitation or a person authorized to act on their behalf to institute a private right of action. The legislation also provides for remedies including attorney’s fees and punitive damages. My bill also provides financial support for victims of financial crimes. It adds a surcharge of $100 to be enforced by the court of competent jurisdiction against a person who has committed a financial crime against an older adult. Those funds are to be deposited into the “Older Adult Exploitation Trust Fund,” which is created by the measure and administered by the Department of Aging. Funds retained in the trust will be distributed for the purpose of providing assistance to older adults who are victims of financial exploitation. If you are interested in co-sponsoring this legislation which seeks to protect one of the most vulnerable groups of citizens in our Commonwealth, senior citizens, from financial exploitation, please click on the link below. |
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| View Attachment | ||
Introduced as HB2057