New Law Targets Financial Exploitation of Elderly - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

New Law Targets Financial Exploitation of Elderly

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WILMINGTON, Del. (AP) - Senior citizens in Delaware are getting a new level of protection from financial exploitation.

Legislation to be signed by Gov. Jack Markell on Tuesday provides a mechanism for banks and credit unions to freeze transactions that they suspect may involve financial exploitation of anyone 62 or older.

The legislation requires financial institutions to report the suspected exploitation to state officials.

A financial institution also would be allowed to place a hold on a proposed transaction for 10 business days after filing the report. The hold could be extended another 30 days at the request of an investigating federal or state agency.

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