(a)  If an employee of a regulated institution has reasonable cause to believe that financial exploitation of an elder adult who is an account holder with the regulated institution has occurred, is occurring, or has been attempted, the employee shall notify the regulated institution of the suspected financial exploitation.

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Terms Used In Rhode Island General Laws 19-34-2

  • Department: means the Rhode Island office of healthy aging. See Rhode Island General Laws 19-34-1
  • Elder adult: means a person who is sixty (60) years of age or older. See Rhode Island General Laws 19-34-1
  • Exploitation: means the fraudulent or otherwise illegal, unauthorized, or improper act or process of an individual, including, but not limited to, a caregiver or fiduciary that uses the resources of an elder adult for monetary or personal benefit, profit, gain, or that results in depriving an elder adult of rightful access to or use of benefits, resources, belongings, or assets by use, undue influence, harassment, duress, deception, false representation or false pretenses, or conduct in violation of § 11-68-2. See Rhode Island General Laws 19-34-1
  • person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6
  • Regulated institution: means any financial institution, credit union, or other insured deposit-taking institution, that is authorized to do business in this state, including one authorized by operation of an interstate banking statute that allowed it original entry. See Rhode Island General Laws 19-34-1
  • Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals).

(b)(1)  If a regulated institution is notified of suspected financial exploitation under subsection (a) of this section or otherwise has reasonable cause to believe that financial exploitation of an elder adult who is an account holder with the regulated institution has occurred, is occurring, or has been attempted, the regulated institution shall assess the suspected financial exploitation and submit a report to the department identifying the name, address and, if known, the age of the elder adult; the name and address of any person responsible for the care of the elder adult; the nature and extent of the facts of the suspected activity; the basis of the reporter‘s knowledge; and any other relevant information; or any other reporting requirements consistent with the provisions of § 42-66-8.

(2)  The regulated institution shall submit the required report no later than the earlier of:

(i)  The second business day following the date the regulated institution completes the regulated institution’s assessment of the suspected financial exploitation; or

(ii)  The seventh business day after the date the regulated institution is notified of the suspected financial exploitation under subsection (a) of this section or otherwise has reasonable cause to believe that the suspected financial exploitation has occurred, is occurring, or has been attempted.

(c)  A regulated institution that submits a report to the department of suspected financial exploitation of an elder adult under subsection (b) of this section is not required to make any additional report of suspected abuse, neglect, or exploitation for the same conduct constituting the reported suspected financial exploitation.

(d)  Each regulated institution shall adopt internal policies, programs, plans, or procedures for:

(1)  The employees of the regulated institution to make the notification required under subsection (a) of this section; and

(2)  The regulated institution to conduct the assessment and submit the report required under subsection (b) of this section.

(e)  The policies, programs, plans, or procedures adopted under subsection (d) of this section may authorize the regulated institution to report the suspected financial exploitation to other appropriate agencies and entities in addition to the department, including the attorney general, the Federal Trade Commission, and the appropriate law enforcement agency.

History of Section.
P.L. 2021, ch. 73, § 1, effective June 23, 2021; P.L. 2021, ch. 74, § 1, effective June 23, 2021.