SENIOR ASSEMBLY PROPOSAL NO. 15

INTRODUCED BY SENIOR ASSEMBLY MEMBER MOLNAR

LEGISLATIVE COUNSEL'S DIGEST

AP 15: FINANCIAL ELDER ABUSE: MONEY TRANSMITTERS.

UNDER EXISTING LAW, THE ELDER ABUSE AND DEPENDENT ADULT CIVIL PROTECTION ACT, MANDATED REPORTERS OF SUSPECTED FINANCIAL ABUSE OF AN ELDER OR DEPENDENT ADULT, DEFINED TO INCLUDE OFFICERS AND EMPLOYEES OF FINANCIAL INSTITUTIONS, ARE REQUIRED TO REPORT THE KNOWN OR SUSPECTED INSTANCE OF FINANCIAL ABUSE OF AN ELDER OR DEPENDENT ADULT IMMEDIATELY, OR AS SOON AS PRACTICABLY POSSIBLE, TO THE LOCAL ADULT PROTECTIVE SERVICES AGENCY OR THE LOCAL LAW ENFORCEMENT AGENCY.

THIS MEASURE WOULD MEMORIALIZE THE LEGISLATURE AND THE GOVERNOR TO ENACT LEGISLATION THAT WOULD INCLUDE LICENSEES UNDER THE MONEY TRANSMISSION ACT IN THE DEFINITION OF MANDATED REPORTERS OF SUSPECTED FINANCIAL ABUSE OF AN ELDER OR DEPENDENT ADULT, THEREBY REQUIRING THOSE LICENSEES TO REPORT THE KNOWN OR SUSPECTED INSTANCE OF FINANCIAL ABUSE OF AN ELDER OR DEPENDENT ADULT IMMEDIATELY, OR AS SOON AS PRACTICABLY POSSIBLE, TO THE LOCAL ADULT PROTECTIVE SERVICES AGENCY OR THE LOCAL LAW ENFORCEMENT AGENCY.

VOTE: MAJORITY.

AP 15: RELATING TO FINANCIAL ELDER ABUSE

WHEREAS, MANY SCAMS TARGETING ELDERS INVARIABLY INVOLVE TRANSFERRING MONEY THROUGH WIRE SERVICES AND, BECAUSE THIS IS A “CHOKE POINT,” ENACTING PROVISIONS TO REQUIRE MONEY TRANSMITTERS TO REPORT SUSPECTED FINANCIAL ABUSE OF ELDERS WOULD HELP PROTECT AGAINST THESE SCAMS; AND

WHEREAS, THESE SCAMS PERPETRATED AGAINST CITIZENS OF THE UNITED STATES RESULT IN THE LOSS OF BILLIONS, NOT MILLIONS, OF DOLLARS ANNUALLY. THE NUMBER OF SCAMS ORIGINATING FROM OTHER COUNTRIES, INCLUDING, BUT NOT LIMITED TO, LOCATIONS SUCH AS CANADA, NIGERIA, AND ENGLAND, HAVE INCREASED DRAMATICALLY. THESE SCAMS INVOLVE TRANSFERRING FUNDS THROUGH A WIRE SERVICE AND ONCE THE FUNDS ARE TRANSFERRED THEY ARE LOST FOREVER; AND

WHEREAS, IN CALIFORNIA, THE STATE WITH THE LARGEST POPULATION OF OLDER AMERICANS, THE UNITED STATES CENSUS BUREAU PROJECTS THAT THE ELDERLY POPULATION WILL INCREASE FROM 3.7 MILLION TO 6.4 MILLION WITHIN THE NEXT 20 YEARS. THESE PROJECTIONS, COUPLED WITH THE BABY BOOMERS WEALTH CONCENTRATION, SET FORTH THE GROUNDWORK FOR SIGNIFICANT POTENTIAL FINANCIAL ELDER ABUSE; AND

WHEREAS, THE ELDER ABUSE AND DEPENDENT ADULT CIVIL PROTECTION ACT REQUIRES MANDATED REPORTERS OF SUSPECTED FINANCIAL ABUSE OF AN ELDER OR DEPENDENT ADULT, AS DEFINED, TO REPORT THE KNOWN OR SUSPECTED INSTANCE OF FINANCIAL ABUSE OF AN ELDER OR DEPENDENT ADULT IMMEDIATELY, OR AS SOON AS PRACTICABLY POSSIBLE, TO THE LOCAL ADULT PROTECTIVE SERVICES AGENCY OR THE LOCAL LAW ENFORCEMENT AGENCY; NOW, THEREFORE, BE IT

RESOLVED, BY THE SENIOR ASSEMBLY AND THE SENIOR SENATE, JOINTLY, THAT THE SENIOR LEGISLATURE OF THE STATE OF CALIFORNIA AT ITS 2011 REGULAR SESSION, A MAJORITY OF THE MEMBERS VOTING THEREFOR, HEREBY PROPOSES THAT THE ELDER ABUSE AND DEPENDENT ADULT CIVIL PROTECTION ACT BE AMENDED TO INCLUDE LICENSEES UNDER THE MONEY TRANSMISSION ACT, CHAPTER 14 (COMMENCING WITH SECTION 1800) OF DIVISION 1 OF THE FINANCIAL CODE, IN THE DEFINITION OF MANDATED REPORTERS OF SUSPECTED FINANCIAL ABUSE OF AN ELDER OR DEPENDENT ADULT SET FORTH IN SECTION 15630.1 OF THE WELFARE AND INSTITUTIONS CODE; AND BE IT FURTHER

RESOLVED, THAT THE SENIOR LEGISLATURE OF THE STATE OF CALIFORNIA RESPECTFULLY MEMORIALIZES THE LEGISLATURE AND THE GOVERNOR OF THE STATE OF CALIFORNIA TO ENACT APPROPRIATE LEGISLATION THAT WOULD ADDRESS THE CONCERNS SET FORTH IN THIS MEASURE; AND BE IT FURTHER

RESOLVED, THAT A COPY OF THIS MEASURE BE TRANSMITTED TO THE SPEAKER OF THE ASSEMBLY, THE PRESIDENT PRO TEMPORE OF THE SENATE, AND THE GOVERNOR OF THE STATE OF CALIFORNIA.

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RN 11 18142