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6/8/2021
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House passes Solomon legislation to prevent the financial exploitation of the elderly
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 STATE HOUSE — The House of Representatives today approved legislation sponsored by Rep. Joseph J. Solomon Jr. (D-Dist. 22, Warwick) to require financial institutions to report suspected financial exploitation of seniors to the Office of Healthy Aging, and authorizing them to temporarily hold transactions they suspect as such.
The legislation (2021-H 5642A) would require financial institutions to train employees to recognize indicators of elderly financial exploitation, and on their obligation to properly report it and place a hold on suspicious transactions.
“Abuse and exploitation of the elderly is a growing concern and one of the most egregious crimes committed in this state,” said Representative Solomon. “A recent study estimates that one in five older Americans are victims of financial exploitation, losing $3 billion annually. As our population ages, crimes of this nature will become more prevalent, and we need to do everything we can to protect our older citizens.”
Financial exploitation is the most prevalent form of elder abuse. The federal Older Americans Act defines elder financial exploitation as “the fraudulent or otherwise illegal, unauthorized, or improper act or process of an individual, including a fiduciary or caregiver, that uses the resources of an older individual for monetary or personal benefit, profit, or gain, or that results in depriving an older individual of rightful access to, or use of, benefits, resources, belongings, or assets.”
According to AARP, one in three Americans is now 50 years or older and by 2030, one out of every five people in the U.S. will be 65-plus. Older Americans are estimated to have accumulated $18 trillion in assets.
The measure now moves to the Senate, which has passed similar legislation (2021-S 0264A) introduced by Sen. Cynthia A. Coyne (D-Dist. 32, Barrington, Bristol, East Providence).
For more information, contact:
Daniel Trafford, Publicist
State House Room 20
Providence, RI 02903
(401)222-1922
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