Connecticut Seal

General Assembly


Raised Bill No. 7029

January Session, 2017


LCO No. 3591



Referred to Committee on BANKING


Introduced by:





Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 1. (NEW) (Effective October 1, 2017) (a) As used in this section:

(1) "Financial institution" means a bank, Connecticut credit union, federal credit union, an out-of-state bank that maintains a branch in this state and an out-of-state credit union that maintains an office in this state.

(2) "Elderly person" means any person who is sixty years of age or older;

(3) "Account" means an asset, including a safe deposit box, or liability account held by an elderly person with a financial institution;

(4) "Financial exploitation" means the use, control over or withholding of property, income, resources or trust funds of an elderly person by any person or entity, including, but not limited to, an agent of such elderly person pursuant to a power of attorney, for any such person's or entity's profit or advantage at the expense of such elderly person's property, income, resources or trust funds, including, but not limited to, an act constituting a breach of such person or entity's fiduciary duty to such elderly person, or forcing, compelling or exerting undue influence over an elderly person to cause such elderly person to engage in a transaction or disbursement; and

(5) "Transaction" shall include, but not be limited to, providing access to (A) a safe deposit box, and (B) any nonpublic personal financial information of the elderly person, as defined in Subtitle A of Title V of the Gramm-Leach-Bliley Financial Modernization Act of 1999, 15 USC 6809 et seq., and the regulations promulgated thereunder.

(b) If a financial institution or any of its employees has reasonable cause to believe that a transaction or disbursement involving an account of an elderly person may involve, facilitate, result in or contribute to the financial exploitation of such elderly person, such financial institution and employees may delay or refuse to execute such transaction or disbursement. Such financial institution and employees shall be immune from any civil, criminal or administrative liability that might otherwise exist for delaying or refusing to execute such transaction or disbursement, or for not delaying or refusing to execute such transaction or disbursement.

This act shall take effect as follows and shall amend the following sections:

Section 1

October 1, 2017

New section

Statement of Purpose:

To protect elderly persons from actual or suspected financial abuse.

[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]