Financial Crimes Against the Elderly 2012 Legislation
Last updated: January 15, 2013
NCSL Staff Contact: Heather Morton, Denver
Financial crimes and exploitation can involve the illegal or improper use of a senior citizen's funds, property or assets, as well as fraud or identity theft perpetrated against older adults. While exact statistics on how often financial crimes against the elderly occur are not available, it is widely believed to be underreported by the victims. A recent study published by MetLife Mature Market Institute estimates that the financial loss by victims of elder financial crimes and exploitation exceeds $2.9 billion dollars annually.
In the 2012 legislative session, 26 states had pending legislation to address financial crimes and exploitation against the elderly and other vulnerable adults. Fourteen states—Arizona, California, Colorado, Delaware, Illinois, Iowa, Maryland, Michigan, Missouri, Nebraska, Oregon, Vermont, Washington and West Virginia—enacted legislation in 2012. For example, Arizona permits reasonable costs and attorney fees to be awarded in a civil action related to the financial exploitation of a vulnerable adult. Colorado enacted legislation requires a background check of prospective employees who will have direct contact with actual or potential at-risk adults and creates the at-risk adult protection services task force. Delawarecreated an additional penalty of $100 to be imposed on all crimes committed against persons 62 years of age or older. The penalty assessment shall be placed in a special fund called the “Senior Trust Fund” which will be used to provide assistance for programs for the senior population. Maryland required financial institutions to report suspected financial abuse of an elder adult. Missouri enacted legislation adding undue influence to the types of acts that, when committed against an elderly or disabled person, constitute the crime of financial exploitation. In addition, this act makes it an unlawful violation of the financial exploitation statute to fail to remit to a nursing facility in which a Medicaid eligible person resides all money owing the facility resident from any source. Oregon enacted legislation that sets the statute of limitation for certain felonies committed against person 65 years of age or older at six years. Washington required the Department of Health to establish a state registry which contains identifying information about long-term care workers who have final substantiated findings of abuse, neglect, financial exploitation, or abandonment of a vulnerable adult as defined in state law.
The legislation included in the chart below addresses creating specific crimes and criminal penalties, reporting requirements and access to records in elder financial exploitation investigations.
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