GOVERNOR LAMONT SIGNS LEGISLATION PROTECTING SENIORS FROM FINANCIAL EXPLOITATION
(HARTFORD, CT) – Governor Ned Lamont today announced that he has signed into law legislation implementing procedures into state statutes that protect seniors from suspected cases of financial fraud, scams, and exploitation by a person who is taking care of an older adult. Specifically, this law authorizes financial institutions to temporarily suspend or hold transactions involving an account of an adult over the age of 60 if there is a reasonable suspicion of financial exploitation, which is defined as taking advantage of an eligible adult by another person or caretaker for monetary, personal, or other benefit, gain, or profit. When such cases occur, the financial institution should disclose the suspected abuse to the Connecticut Department of Banking or the Connecticut…
