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House Co-Sponsorship Memoranda
House of Representatives
Session of 2023 - 2024
Regular Session
MEMORANDUM
| Posted: | February 23, 2024 12:51 PM |
|---|---|
| From: | Representative Brian Munroe |
| To: | All House members |
| Subject: | Preventing Elder Financial Exploitation |
| Financial exploitation is one of the most prevalent forms of elder abuse in the nation; yet it remains grossly underreported. Left unchecked, elders remain vulnerable to the continued misuse of powers of attorney, unauthorized cash withdrawals, financial scams and check and credit card fraud. These losses are often unrecoverable, frequently resulting in the elder being forced to rely on public assistance for their most basic needs. With this in mind, we will soon introduce legislation to equip financial institutions and fiduciaries with the necessary tools to identify, report and prevent the financial exploitation of older adults and care dependent individuals. Legal clarity will be included to assist these financial institutions in reporting and preventing financial exploitation, as will the authority to share information with state investigators, law enforcement and other older adult protective services. Together, these measures will help to ensure that elder Pennsylvanians are protected from financial exploitation so that the funds they have earned and rely on are available to provide for their daily needs. Today’s technology makes the need for these protections more relevant than ever. No older adult in the Commonwealth should have to fear or worry over the safety of the money in their bank account. We hope that you will join use in safeguarding the retirement savings of our older Pennsylvanians. |
Introduced as HB2066