Wolk Bill to Prevent Elder Abuse Passes Senate
Political Desk
August 15, 2005
Bill to prevent elder financial abuse passes Senate with bipartisan voteLegislation to require banks to report suspected financial abuse now moves to Governor.
Legislation coauthored by Assemblywoman Lois Wolk (D-Davis) to require banks and credit unions to report cases of elder and dependent adult financial abuse passed today out of the State Senate on a bipartisan 24-10 vote.
Senate Bill 1018, authored by Senator Joe Simitian (D-Palo Alto) and Assemblywoman Lois Wolk (D-Davis), will require employees of financial institutions including banks and credit unions to report to local law enforcement or an adult protective services agency if they know of or reasonably suspect financial abuse is occurring. These reports would trigger a response by local agencies to investigate and intervene to help prevent financial loss.
Advanced age and accumulated assets makes seniors a tempting target,” said Senator Simitian. “A simple, timely phone call can help prevent the loss of a lifetime’s savings.”
This much-needed legislation addresses a need for strengthened protections against financial abuse, the fastest growing type of elder abuse,” said Assemblywoman Wolk. “Two years ago, Senator Simitian and I were alerted to this growing threat by the senior, law enforcement and adult protective services communities. It was clearly illustrated that current protections against this particular brand of abuse is inadequate. This bill steps up to meet the challenge, requiring timely response to suspected cases of financial abuse. I urge the Governor to sign this critical legislation into law.”
SB 1018 now goes to the Governor, who will have 12 days to sign the bill into law once it reaches his desk. The legislation is supported by over 100 groups and elected officials, including Attorney General Bill Lockyer; State Treasurer Phil Angelides; California District Attorneys Association; California Welfare Directors Association; AARP; California Senior Legislature; Alzheimer’s Association; and California State Association of Public Administrators, Public Guardians and Public Conservators. The California Bankers Association and California Credit Union League have removed their opposition.
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