Title 19
Financial Institutions

Chapter 34
The Elder Adult Financial Exploitation Prevention Act

R.I. Gen. Laws § 19-34-2

§ 19-34-2. Reporting suspected financial exploitation of elder adults.

(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.

(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.